The Enforcement Directorate has recovered evidence of money laundering after conducting searches at seven places in Kashmir in connection with suspicious transactions in J&K Bank, officials said.
The financial probe agency based on specific information conducted its search operation at the premises belonging to Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M&M Cottage Industries and Mohd Sultan Teli which, according to ED, “resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions.”
Out of 7 locations, searches were conducted at 6 places in Srinagar and one in Anantnag.
“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. The parties covered under searches are involved in Hospitality and Agro-based Industries, civil construction and real estate,” said the ED.
The agency has also recorded statements of persons who were searched by the ED officials to find the truth behind their source of huge credits and debits in their accounts. Recovered incriminating documents and soft data are also being analysed by the officials.
ED had initiated its investigation under PMLA (Prevention of Money Laundering) after CID, CIK Srinagar registered FIR against Bank officials of J&K Bank, unidentified public servants, 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,” added the ED.