The Enforcement Directorate (ED) on March 11 attached properties worth ₹4.81 crore in Srinagar in an alleged bank fraud case.
“The ED has provisionally attached immovable properties worth ₹4.81 crore in the form of 18 kanal of land (approx.) and building, which pertains to Isfaq Ahmad Zargar, Khalil Ahmad Mughal, Asaraf Dev and Sayed Kaushar Niyazi in a bank fraud case,” a spokesman of the investigating agency said.
The spokesman said the ED initiated investigation on the basis of FIR registered by Maisuma Police Station, Srinagar (J&K), “for causing loss to the tune of Rs. 5.59 crore to Canara Bank, Budshah Chawk Branch, Srinagar (J&K)“.
The ED investigation revealed that during 2014 these borrowers along with 26 other in the connivance of M.N. Doley, the then Branch Manager, Canara Bank, availed cash credit loans totaling to the tune of ₹30 crore in the names of non-existent proprietorship entities on the basis of forged and fake documents.
“Later, the borrowers siphoned off the same after routing the loan proceeds through various bank accounts of other entities/persons ultimately utilising the funds for personal benefits contrary to its project purpose of business,” the spokesman said.
The ED said all the loans granted by Mr. Dole became NPA (non performing assets) since 2016 and caused huge loss to the public money.”
“Further investigations are under progress,” the spokesman said.
