ED attaches immovable assets worth Rs 4.81 crore of four individuals in J-K bank fraud case
Mar 11, 2024
New Delhi [India], March 11 : The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 4.81 crore of four individuals, including two jewellers and two engaged in tours and travels service, in Jammu and Kashmir linked to a bank fraud case.
The attached properties are in the form of 18 Kanal of land and building which pertains to Isfaq Ahmad Zargar of Nikha Ornaments (12.5 marla), Khalil Ahmad Mughal of JK Gold Jewelry (14 Kanal 16 Marla), Md Asaraf Dev of Raf Raf Tours and Travel (1 Kanal 12 Marla) and Md Sayed Kaushar Niyazi of Sayed Tours and Travels ( 17 Marla).
ED's Srinagar Zonal office provisionally attached these immovable properties as part of its investigation initiated on the basis of First Information Reports (FIRs) registered by Maisuma Police Station in Jammu and Kashmir's Srinagar against these persons and others for causing loss to the tune of Rs 5.59 crore to Canara Bank, Budshah Chawk Branch, Srinagar (J-K).
A charge sheet by the Jammu and Kashmir Police in this case is yet to be filed before the Court of Law.
"ED investigation revealed that during 2014 the abovenamed borrowers alongwith 26 other borrowers in the connivance of M N Doley, the then Branch Manager, Canara Bank availed cash credit loans totaling to the tune of Rs 30 crore in the names of non-existent proprietorship entities on the basis of forged and fake documents and later the borrowers siphoned off the same after routing the loan proceeds through various bank accounts of other entities/persons ultimately utilizing the funds for personal benefits contrary to its project purpose of business," said the ED in a statement.
"All the loans granted by M N Dole became NPA since 2016 and causes huge loss (loan Amount and interest thereof) to the public money held in Canara Bank, Budhsah Chawk, Srinagar (J&K)," added the federal agency.
