ED attaches properties worth Rs 3.4 cr in J-K Grameen Bank fraud case
Oct 10, 2024
Srinagar (Jammu and Kashmir) [India], October 10 : The Directorate of Enforcement (ED) in Srinagar has provisionally attached six immovable properties worth approximately Rs. 3.40 crore in connection with the Jammu and Kashmir Grameen Bank (JKGB) fraud case.
The properties belong to Ishtiyaq Ahmad Parray, a resident of Tangbagh, Khayam, Srinagar, along with Tariq Ali Parray, Haseena Bano, and Maqsood Ali Parray. These properties are located in Srinagar and nearby areas, as well as a flat in Zakir Nagar, New Delhi. The attachments were made under the Prevention of Money Laundering Act (PMLA), 2002.
According to an official statement, the ED initiated the investigation based on four FIRs filed by the Central Bureau of Investigation (CBI), Anti-Corruption Bureau (ACB), Srinagar. These FIRs named Ishtiyaq Ahmad Parray, the former Branch Manager of JKGB, and 10 others. They were charged under various sections of the Ranbir Penal Code (RPC), corresponding to sections of the Indian Penal Code (IPC), and under the Jammu and Kashmir Prevention of Corruption (JK PC) Act for embezzling Rs. 6.30 crore by fraudulently sanctioning loans such as KCC (Kisan Credit Cards), JLG (Joint Liability Groups), and vehicle loans to non-existent borrowers.
The ED's investigation revealed that Ishtiyaq Ahmad Parray, during his tenure at JKGB's Mirgund, Pattan, and Khanpet branches from 2014-2019, fraudulently sanctioned 180 fake loans worth Rs 6.30 crore, the statement added.
These loans were disbursed to accounts of non-existent borrowers, which later became non-performing assets (NPA).
The funds were then transferred into the bank accounts of mule account holders, including people close to Parray, such as drivers and daily wage workers. Eventually, the money was moved into accounts owned by Parray and his family members and used to purchase properties in their names.
The investigations are still ongoing. Further details are awaited.
