ED raids multiple locations in Kashmir in money laundering case
22/11/2020
NEW DELHI, Nov 21: The Enforcement Direc-torate on Saturday conducted multiple raids in Kashmir in connection with a money laundering probe linked to alleged suspicious transactions in the J&K Bank.
The central probe agency covered a total of seven locations six in Srinagar and one in Anantnag district as part of the searches conducted under the Prevention of Money Laundering Act (PMLA).
The ED said it raided Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli who are "involved" in the hospitality and agro-based industries, civil construction and real estate businesses.
"The searches resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions," it said.
The ED is probing the case after studying an earlier FIR filed by the CID of the UT Police in Srinagar against officials of J&K Bank, unidentified public servants, private persons and others for suspicious transactions in various bank accounts.
The CID FIR, the ED said, alleges that bank accounts were used for routing money of public servants as well as some private parties. Certain bank officials, in connivance with these public servants, deliberately omitted to raise the alerts as required under anti-money laundering norms, the ED said quoting the CID FIR.
The central probe agency said its probe "so far has revealed that the transactions in many of these bank accounts maintained with J&K Bank were not genuine and these accounts were utilised for the purpose of laundering."
ED sleuths are recording the statement of the people covered in the searches "to unravel the source of huge credits and debits in their accounts".
"Recovered incriminating documents and soft data are also being analysed," it said.
ED initiated an investigation under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) after Crime Investigation Department (CID), Counter Intelligence Kashmir (CIK), Srinagar registered FIR against officials of J&K Bank, unidentified public servants, and private persons, and others for suspicious transactions in various bank accounts. It has been alleged in the FIR that the bank accounts were used for routing money of public servants as well as some private parties. Further, bank officials, in connivance with these public servants, deliberately omitted to raise the alerts as required under Anti-Money Laundering (AML) norms. Investigations conducted under PMLA so far have revealed that the transactions in many of these bank accounts maintained with J &K Bank were not genuine and these accounts were utilised for the purpose of laundering. On the basis of specific information, searches at seven places belonging to Mohd. Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries, and Mohd. Sultan Teli was conducted which resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions.
Among the seven locations, six were in Srinagar and one was in Anantnag district.
The parties covered under searches are involved in hospitality and agro-based industries, civil construction, and real estate. Statements of persons covered in the searches are being recorded to unravel the source of huge credits and debits in their accounts. Recovered incriminating documents and soft data are also being analysed. Further investigation is under progress.
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