JK Bank Fraud Case 4.81 Crore ED attaches properties

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JK Bank Fraud Case 4.81 Crore ED attaches properties

JK Bank Fraud Case 4.81 Crore:- The Enforcement Directorate on Monday attached properties worth Rs 4.81 crore in Jammu and Kashmir bank fraud case.

In a post on X, ED, said that Srinagar Zonal Office has provisionally attached immovable properties worth Rs.4.81 Crore in the form of 18 Kanal of land and building.

It said that property belongs to Isfaq Ahmad Zargar of M/s Nikha Ornaments (12.5 marla), Khalil Ahmad Mughal of M/s JK Gold Jewelry (14 Kanal 16 Marla), Md. Asaraf Dev of M/s Raf Raf Tours and Travel (1 Kanal 12 Marla) and Md. Sayed Kaushar Niyazi of M/s Sayed Tours and Travels ( 17 Marla).

The police are yet to file a charge sheet before the court in this case.

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“The investigation has revealed that during 2014 the accused borrowers, along with 26 other borrowers, in connivance of M N Doley, the then branch manager of Canara Bank, availed cash credit loans totalling Rs 30 crore in the names of non-existent proprietorship entities on the basis of forged and fake documents. The borrowers later siphoned off the same after routing the loan proceeds through various bank accounts of other entities/persons ultimately utilising the funds for personal benefits contrary to its project purpose of business,” the ED said.

It said all the loans granted by Dole turned into non-performing assets since 2016 and caused huge loss to the public sector lender Canara Bank.

The agency said further investigation is under progress.

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