ED sleuths are recording the assertion of the folks lined in the searches ‘to unravel the supply of giant credit and debits in their accounts
New Delhi: The Enforcement Directorate on Saturday performed multiple raids in Kashmir in reference to a money-laundering probe linked to alleged suspicious transactions in the J&Okay Bank.
The central probe company lined a complete of seven locations — six in Srinagar and one in Anantnag district — as a part of the searches performed underneath the Prevention of Money Laundering Act (PMLA).
The ED stated it raided Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M&M Cottage Industries, and Mohd Sultan Teli who’re “involved” in the hospitality and agro-based mostly industries, civil building, and actual property companies.
“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 stated.
The ED is probing the case after learning an earlier FIR filed by the CID of the UT Police in Srinagar towards officers of J&Okay Bank, unidentified public servants, non-public individuals, and others for suspicious transactions in numerous financial institution accounts.
The CID FIR, the ED stated, alleges that financial institution accounts have been used for routing money of public servants in addition to some non-public events.
Certain financial institution officers, in connivance with these public servants, intentionally omitted to lift the alerts as required underneath anti-money laundering norms, the ED stated quoting the CID FIR.
The central probe company stated 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 assertion of the folks lined 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 stated.
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