The Diplomat Desk
Srinagar,(TDD): The Directorate of Enforcement (ED) has provisionally attached six immovable properties valued at approximately Rs. 3.40 Crore belonging to Ishtiyaq Ahmad Parray, a resident of Tangbagh, Khayam, Srinagar, and others involved in a fraud case linked to Jammu & Kashmir Grameen Bank (JKGB).
The properties, which include a flat in Zakir Nagar, New Delhi, are linked to an investigation initiated by the ED following four FIRs registered by the CBI and ACB in Srinagar. Ishtiyaq Ahmad Parray, who served as the Branch Manager of JKGB, along with ten other individuals, has been charged with embezzling Rs. 6.30 Crore by fraudulently sanctioning loans to non-existent borrowers.
During the investigation, it was revealed that between 2014 and 2019, Parray sanctioned a total of 180 fake loan accounts, which included 107 Kisan Credit Cards (KCC), 50 Joint Liability Groups (JLG), and several vehicle and easy finance loans. The funds from these loans were credited to the accounts of non-existing borrowers and later transferred to the accounts of individuals known to Parray, including his drivers and daily wage workers.
The embezzled amounts were eventually funneled into the accounts of Parray and his family members, allowing them to acquire multiple properties. The ED continues to investigate the full extent of this fraudulent activity under the Prevention of Money Laundering Act (PMLA), 2002. (TDD)
