The Enforcement Directorate (ED) on Saturday performed raids at 7 locations in Kashmir in reference to cash laundering probe linked to suspicious transactions within the J&Ok Bank.
Out of seven places, ED staff performed searches at 6 locations in Srinagar whereas 1 in Anantnag district for alleged cash laundering.
The investigative company mentioned that it raided Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli with enterprise pursuits in agro-based industries & actual property companies.
“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 mentioned.
ED had initiated investigation underneath PMLA after CID, CIK Srinagar registered FIR in opposition to Bank officers of J & Ok Bank, unidentified public servants & personal individuals and others for suspicious transactions in numerous financial institution accounts. The CID FIR claimed that financial institution accounts have been used for routing cash of public servants in addition to some personal events.
The central probe company mentioned 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 assertion of individuals coated within 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 mentioned.