ED Attaches Property Worth Rs 193.46 Crore in J&K Co-operative Bank Fraud Case

ED Attaches Property Worth Rs 193.46 Crore in J&K Co-operative Bank Fraud Case

Asif Iqbal | December 15, 2023 | 07:33 PM IST | Crime, Srinagar | Follow on Google News

ED Attaches Property Worth Rs 193.46 Crore in J&K Co-operative Bank Fraud Case.image/respersentional

ED Attaches Property Worth Rs 193.46 Crore in J&K Co-operative Bank Fraud Case

The Enforcement Directorate (ED) announced on Friday the provisional attachment of immovable property, a land in Shivpora, Srinagar, valued at Rs 193.46 crore, in connection with a money laundering case linked to a financial fraud at the J&K State Co-operative Bank (JKSTCB).

The case revolves around an alleged financial fraud involving a loan of Rs 250 crore (disbursed amount Rs 223 crore) sanctioned in 2019 to a fictitious cooperative society named River Jehlum Co-operative House Building Society, Shivpora, Srinagar, by the then Chairman of JKSTCB and others.

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ED initiated the investigation based on FIRs and subsequent chargesheets, under various sections of the Ranbir Penal Code (RPC) and the Jammu & Kashmir Prevention of Corruption Act (JK PC Act) Samvat 2006, corresponding to IPC and PCA. The probe targets five individuals: Hilal Ahmad Mir (Chairman of River Jehlum Co-operative House Building Society), Abdul Hamid Hajam (Secretary of River Jehlum Co-operative House Building Society), Mohammad Mujeeb Ur Rehman Ghassi (the then Registrar of Cooperative Societies, J&K), Syed Ashiq Hussain (the then Dy. Registrar of Co-operative Societies, J&K), and Mohammad Shafi Dar (the then Chairman of JKSTCB).

The investigation uncovered that funds derived from the fraud were utilized for the acquisition of the attached immovable property. Earlier, searches and surveys were conducted at various locations, leading to the seizure of incriminating documents and digital devices.

Notably, Mohd Shafi Dar, Chairman of JKSTCB, and Hilal Ahmad Mir, Chairman of the fake River Jehlum Co-operative House Building Society, were arrested and remanded to judicial custody until December 20, 2023.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.