Srinagar- The Enforcement Directorate on Thursday searched six locations in reference to a Rs 250-crore cash laundering case in Jammu and Kashmir, officers mentioned.
The searches included the premises of the previous chairman of Jammu and Kashmir State Cooperative Financial institution Restricted, they mentioned.
The fraud was within the title of the fictional River Jhelum Cooperative Housing Constructing Society, the officers mentioned.
Based on them, the raids have been performed by the ED’s workplace in Srinagar underneath powers supplied to the federal probe company underneath the Prevention of Cash Laundering Act (PMLA) for search and seizure.
The Anti-Corruption Bureau (ACB) had already filed a cost sheet within the case in opposition to Hilal A Mir, the chairman of the fictional housing society, the then chairman of J-Ok State Co-operative Financial institution Restricted Mohd Shafi Dar and others for the fee of offences underneath related sections of Indian Penal Code and the Prevention of Corruption Act in August 2020.
Based on the ACB probe, Mir had moved an utility to the Secretary Cooperatives, Administration Division of Co-operative Societies, the place he sought instructions to the J-Ok Co-operative Financial institution Ltd for a grant of economic help to the tune of Rs 300 crores for taking on possession of 37.5 acres of land within the outskirts of Srinagar for development of a satellite tv for pc township.
The applying was endorsed to the Registrar of Cooperative Societies Jammu and Kashmir for taking over the matter with J-Ok State Cooperative Financial institution.
Accordingly, the J-Ok Co-operative Financial institution in Srinagar sanctioned a mortgage to the tune of Rs 223 crores with out adhering to any codal formalities, that’s acquiring the small print of the society equivalent to steadiness sheet, revenue and loss, account enterprise, actions being accomplished by the society, PAN quantity, Earnings Tax return, particulars of Development of the Board Resolutions.
The inquiry revealed that River Jhelum Cooperative Home Constructing Society has not been even registered with Registrar Co-operative Societies, Jammu and Kashmir, and Mir by performing in league with Dar and others had ready a faux and fictitious registration certificates within the title of the society and managed the sanction of mortgage.
The mortgage quantity was disbursed into the accounts of the land house owners however the land has not been mortgaged to the financial institution.
Additional, an investigation performed by the ACB has been profitable in unearthing the siphoned-off funds to the tune of Rs 223 crore and an quantity to the tune of Rs 187 crore has been frozen by the bureau.
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