The Enforcement Directorate (ED) on December 15 provisionally attached immovable property, measuring 257 kanal and 19 marlas, in Srinagar. This is part of an investigation into a Prevention of Money Laundering Act, 2002 (PMLA) case against the J&K State Co-operative Bank (JKSTCB).
An ED spokesman said land valued at ₹193.46 crore was attached in Srinagar’s Shivpora area. “The fraud involved the sanction of a ₹250 crore loan (disbursement amount ₹223 Crore), in 2019, to a fake cooperative society named River Jehlum Cooperative House Building Society, Shivpora, Srinagar, (J&K) by the then Chairman of JKSTCB and Others,” the ED said.
The ED investigation revealed that the fraudulently procured money was then utilised to acquire immovable property, the spokesman said.
