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The Directorate of Enforcement (ED) on Friday said it has provisionally attached immovable property in the form of land at Shivpora in Srinagar, which is estimated to be valued at Rs 193.46 crore, in a money laundering case.
According to the central enforcement agency, the case related to the financial fraud committed with J&K State Co-operative Bank (JKSTCB). The alleged fraud involved sanctioning of loan to the tune of Rs 250 crore (disbursement amount Rs 223 crore), in 2019, to a fake cooperative society named River Jehlum Co-operative House Building Society, Shivpora, Srinagar, (J&K) by the then Chairman of JKSTCB and "others". ED said it had initiated investigation on the basis of FIR and consequent chargesheets, under various sections of Ranbir Penal Code (RPC) and Jammu & Kashmir Prevention of Corruption Act (JK PC Act) Samvat 2006 (Corresponding to IPC and PCA). The investigation is against five accused persons -- 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). ED said the investigation revealed that the money derived out of the said fraud was utilized for acquiring the attached immovable property. Earlier, search and surveys were also conducted at different locations and evidences in the form of incriminating documents and digital devices were seized. Two persons -- Mohd Shafi Dar, Chairman of JKSTCB and Hilal Ahmad Mir, Chairman of fake River Jehlum Co-operative House Building Society -- were also arrested and were sent to judicial custody till December 20, 2023. (ANI)
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