ED provisionally attaches properties worth Rs 4.81 crore in bank fraud case
Mar 11, 2024
New Delhi [India], March 11 : The Directorate of Enforcement (ED), Srinagar Zonal office has provisionally attached immovable properties valued at Rs 4.81 crore.
According to a press release, the properties, consisting of land and buildings, are linked to individuals involved in a bank fraud case in Jammu and Kashmir. The ED's action comes as part of its ongoing investigation into the matter.
The properties in question belong to Isfaq Ahmad Zargar of M/s Nikha Ornaments, Khalil Ahmad Mughal of M/s JK Gold Jewelry, Md. Asaraf Dev of M/s Raf Raf Tours and Travel, and Md. Sayed Kaushar Niyazi of M/s Sayed Tours and Travels.
These individuals are allegedly implicated in defrauding Canara Bank, Budshah Chawk Branch, Srinagar, of a significant sum amounting to Rs 5.59 Crore.
The ED's investigation was initiated based on a First Information Report (FIR) lodged by Maisuma Police Station, Srinagar (J&K).
The FIR accused the aforementioned persons, along with others, of orchestrating a scheme that caused substantial losses to Canara Bank.
Despite the charges, the J&K Police is yet to file a charge sheet before the Court of Law.
According to ED findings, the accused, along with 26 other borrowers, colluded with M N Doley, the then Branch Manager of Canara Bank, to obtain cash credit loans totaling Rs 30 Crore.
These loans were taken in the names of non-existent proprietorship entities, supported by forged and fake documents. Subsequently, the borrowers allegedly diverted the loan proceeds through various bank accounts, ultimately misusing the funds for personal gains instead of the intended business purposes.
All loans granted by M N Doley have since turned into Non-Performing Assets (NPA) since 2016, causing substantial financial losses, including the loan amount and accrued interest, to Canara Bank, Budshah Chawk, Srinagar.
The ED's provisional attachment of properties underscores the agency's commitment to tackling financial crimes and holding accountable those responsible for defrauding public funds.
Further investigations into the matter are ongoing, indicating a concerted effort to bring all involved parties to justice and recover the misappropriated assets.
