J&K Bank Fraud: ED Seizes Documents, Devices in Raids

The Enforcement Directorate conducted searches in Jammu and Kashmir regarding an alleged bank funds fraud involving Istiyaq Ahmad Parray and other associates. They sanctioned loans to fake individuals, embezzling Rs 8.36 crore. Documents and digital devices were seized during the raids.

The Enforcement Directorate (ED) has declared that documents and digital devices were seized following multiple searches in Jammu and Kashmir. This action is part of an investigation into an alleged bank funds fraud involving a former branch manager of Jammu and Kashmir Grameen Bank and several others.

Raids were conducted against former banker Istiyaq Ahmad Parray and others on Monday, covering five premises in Srinagar and Pattan. The money laundering case is based on charge sheets filed by the Central Bureau of Investigation (CBI) alleging that Parray, in collusion with other accused individuals, sanctioned fraudulent loans to non-existent customers.

The ED reported a total of 250 fake loan accounts that turned into non-performing assets, leading to the embezzlement of Rs 8.36 crore. The loans, sanctioned between 2014 and 2018, were mostly transferred to the accused or their relatives. The ED seized incriminating documents including books of account and digital devices.

(With inputs from agencies.)