Role of J&K bankers, Govt Officials & Traders Under ED Scanner For Money Laundering

New Delhi: Some hospitality, agro-based Industries, civil construction and real estate companies in Jammu and Kashmir are under the scanner of the Enforcement Directorate (ED) for money laundering. As a result of which ED on Saturday conducted searches at seven places in Kashmir in a case relating to suspicious transactions in J&K Bank.

Among these seven locations, six are in Srinagar and one in Anantnag district.

ED initiated an investigation under Prevention of Money Laundering Act, 2002 (PMLA) after CID Counter Intelligence registered FIR. It named bank officials of J&K Bank and other unidentified public servants and private persons 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 utilized 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 resulting in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions. The parties covered under searches are involved in Hospitality and Agro-based Industries, civil construction and real estate.

Statement of persons covered in the searches is being recorded to unravel the source of huge credits and debits in their accounts.

Recovered incriminating documents and soft data are also being analysed.