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    November 25, 2020

    ED raids 7 places in Kashmir on suspicion of money laundering

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    The Enforcement Directorate (ED) on Saturday conducted raids at 7 places in in connection with money laundering probe linked to suspicious transactions in the J&K Bank.

    Out of 7 locations, ED team conducted searches at 6 places in Srinagar while 1 in Anantnag district for alleged money laundering.

    The investigative agency said that it raided Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli with business interests in agro-based industries & real estate businesses.

    “The searches resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions,” it said.

    ED had initiated investigation under PMLA after CID, CIK Srinagar registered FIR against Bank officials of J & K Bank, unidentified public servants & private persons and others for suspicious transactions in various bank accounts. The CID FIR claimed that bank accounts were used for routing money of public servants as well as some private parties.
    The central probe agency said its probe “so far has revealed that the transactions in many of these bank accounts maintained with J&K Bank were not genuine and these accounts were utilised for the purpose of laundering.”

    ED sleuths are recording the statement of people covered in the searches “to unravel the source of huge credits and debits in their accounts”.
    “Recovered incriminating documents and soft data are also being analysed,” it said.

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