The Directorate of Enforcement (ED) Srinagar Zonal Office carried out searches at five locations in Srinagar and Pattan on Tuesday in connection with a case involving the misappropriation of bank funds.
According to a statement released, “On July 29, 2024, the ED conducted operations under the Prevention of Money Laundering Act (PMLA), 2002, at five sites in Srinagar and Pattan, Union Territory of Jammu and Kashmir. This action is related to the case against M/s Istiyaq Ahmad Parray, former Branch Manager of Jammu and Kashmir Gramin Bank, and his associates. During these searches, various incriminating documents and digital devices tied to the bank fund embezzlement were discovered and seized.”
The statement further elaborates, “The investigation was prompted by multiple FIRs and charge sheets filed by the CBI concerning the embezzlement of ₹8.36 crore from Jammu and Kashmir Gramin Bank. Istiyaq Ahmad Parray, along with other co-conspirators, including bank correspondent Mohd. Maqbool Ganie, Manzoor Ahmad Dar, Mushtaq Hussain Wani, Shabir Ahmad Dar, Shabir Ahmad Bhat, Nissar Ahmad Dar, and others, is accused of fraudulently approving Kisan Cash Credit (KCC) loans, car loans, Joint Liability Group (JLG) loans, and cash credit limits for fictitious or non-existent customers. This involved creating 250 fake loan accounts, which subsequently became non-performing assets (NPAs).”
The ED’s investigation has revealed that a significant portion of the loan funds was transferred to the accused individuals or their relatives, with most withdrawals made in cash. Many of the loans were sanctioned based on forged documents, and the supposed borrowers did not exist.
“All 250 loan accounts were approved in breach of proper procedures and loan conditions. The total embezzled amount is ₹8.36 crore. The investigation is ongoing,” the statement concludes.
