The Enforcement Directorate (ED) conducted searches at six locations in Jammu and Kashmir on Thursday, pertaining to a case involving a bank fraud amounting to over Rs 250 Crore associated with the fictitious River Jhelum Cooperative House Building Society.
According to an ED spokesperson, these raids were carried out in connection with a ‘Money Laundering Case,’ which included premises linked to the former Chairperson of Jammu & Kashmir Bank.
“The Srinagar ED office is presently conducting a search under section 17 of PMLA (Prevention of Money Laundering Act) in the context of money laundering linked to the J&K Bank Fraud exceeding Rs 250 Crore through the fictitious entity River Jhelum Cooperative House Building Society,” the statement elaborated.
It’s significant to note that the Anti-Corruption Bureau (ACB) had previously filed a chargesheet against individuals, including Mohd Shafi Dar, Hilal A Mir (Chairman of the Society), and others, for allegedly committing offenses under IPC Sections and the Corruption Act.
