ED Raids JK Bank Over Rs 250 Crore Money Laundering Scheme

ED Raids JK Bank Over Rs 250 Crore Money Laundering Scheme

ED Raids JK Bank Over Rs 250 Crore Money Laundering Scheme

On Thursday, the Enforcement Directorate conducted searches at six locations linked to the Jammu and Kashmir Bank in connection with a money laundering case amounting to Rs 250 crore, according to officials.

Among the places searched were the premises of the former chairperson of the bank.

The fraudulent activities were carried out under the guise of a fictitious housing society known as the River Jhelum Cooperative Housing Building Society, as per the officials.

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The Enforcement Directorate’s office in Srinagar conducted these raids under Section 17 of the Prevention of Money Laundering Act (PMLA).

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