The Enforcement Directorate (ED) on December 15 provisionally attached immovable property, measuring 257 kanal and 19 marlas, in Srinagar. This is part of an investigation into a Prevention of Money Laundering Act, 2002 (PMLA) case against the J&K State Co-operative Bank (JKSTCB).
An ED spokesman said land valued at ₹193.46 crore was attached in Srinagar’s Shivpora area. “The fraud involved the sanction of a ₹250 crore loan (disbursement amount ₹223 Crore), in 2019, to a fake cooperative society named River Jehlum Cooperative House Building Society, Shivpora, Srinagar, (J&K) by the then Chairman of JKSTCB and Others,” the ED said.
The ED investigation revealed that the fraudulently procured money was then utilised to acquire immovable property, the spokesman said.
Mohd Shafi Dar, chairman of the JKSTCB and Hilal Ahmad Mir, chairman of the fake River Jehlum Co-operative House Building Society, have been already arrested by the ED.
