New Delhi: The ED on Thursday said it has attached assets worth Rs 3.40 crore of a former Jammu and Kashmir Grameen Bank (JKGB) branch manager, his family members and some others in a case linked to alleged fraud with the lender.
A provisional order was issued under the Prevention of Money Laundering Act (PMLA) against former bank official Ishtiyaq Ahmad Parray, (a resident of Tangbagh, Khayam, Srinagar), Tariq Ali Parray, Haseena Bano and Maqsood Ali Parray to freeze their properties located in Srinagar and a flat in Delhi’s Zakir Nagar area, the agency said in a statement.
The money laundering case stems from a charge sheet filed by the Central Bureau of Investigation (CBI) against Ishtiyaq and 10 others for “embezzlement” of funds to the tune of Rs 6.30 crore by fraudulently sanctioning various types of loans to non-existent borrowers.
According to the ED, while Ishtiyaq was posted as branch manager at JKGB Mirgund, Pattan and Khanpet between 2014 and 2019, he “fraudulently” sanctioned 107 Kisan Credit Card loans, 50 joint liability group loans, 17 vehicle loans, four cash credit loans and two easy finance loans.
He sanctioned these loans worth Rs 6.30 crore for 180 mule accounts, which later turned into non-performing assets (NPAs), it said.
“The loans so sanctioned were subsequently transferred into the bank accounts of several mule account holders who were his known persons like drivers, daily wage workers, etc.
“Thereafter, these amounts were transferred into the bank accounts of Ishtiyaq Ahmad Parray and his family members… (and) ultimately used for the acquisition of immovable properties in their names,” the ED claimed.
