The Enforcement Directorate (ED) has reportedly initiated searches linked to a fraud exceeding ₹250 crore in Jammu and Kashmir Cooperative Bank, centred around a fictitious housing society, officials revealed.
What Happened: In a short statement, the ED’s Srinagar office disclosed that six locations, including the premises of the former chairperson of Jammu and Kashmir Cooperative Bank, were under scrutiny, Greater Kashmir reported.
“Today Srinagar ED office is conducting a search in the money laundering case related to J&K (cooperative) Bank Fraud of more than ₹250 crore in the name of fictitious Society namely River Jhelum Cooperative House Building Society,” the statement elucidated.
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The operation spans a total of six premises, including the residence of the former chairperson of Jammu and Kashmir Cooperative Bank and the trustees of the society in Srinagar, according to the official statement.
Notably, the Anti-Corruption Bureau (ACB) has already filed a chargesheet against individuals including Mohd Shafi Dar, Hilal Ahmed Mir (Chairman of the allegedly fake society) and others. The charges pertain to offences under various sections of the Indian Penal Code (IPC) and the Corruption Act.
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