ED raids 6 locations in Srinagar, one in Anantnag | India News
SRINAGAR: The Directorate of Enforcement conducted searches on Saturday at seven locations in Kashmir in a case involving suspicious transactions at J&K Bank.
According to a statement from the ED, his detectives, together with the Srinagar CID counterintelligence department, raided six locations in Srinagar city and one location in Anantnag, southern Kashmir.
“ED initiated an investigation under the PMLA after CID, CIK Srinagar filed an FIR against J&K Bank officials, unidentified public officials and private persons and others for suspicious transactions in various J&K bank accounts,” the statement said.
“Bank accounts were used to divert money from public servants and some private parties. In addition, bank officials, in collusion with these public servants, deliberately failed to generate alerts as required by the anti-money laundering regulations, according to the FIR, ”the statement read.
The statement claimed that investigations thus far have revealed that the transactions in many of these J&K Bank accounts were not genuine and that these accounts were used for the purpose of money laundering.
The DE said that, based on specific information, it had searched locations “belonging to Mohammed Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M&M Cottage Industries and Mohammed Sultan Teli, resulting in the recovery of evidence of money laundering.”
“The parties covered by the searches are involved in hotels and agribusinesses, civil construction and real estate,” the statement said.
The ED said that the statements of the people covered in the searches were recorded to unravel the source of credits and debits of huge amounts in their accounts, adding that “incriminating documents and soft data” recovered are being analyzed.