Excelsior Correspondent
SRINAGAR, Mar 11: Properties worth Rs 4.81 crore have been attached by the Enforcement Directorate (ED) under the anti-money laundering law as part of an investigation in a Canara Bank fraud case, officials said.
The ED provisionally attached immovable properties worth Rs. 4.81 crores in the form of 18 kanal of land (approx.) and a building, which pertains to Isfaq Ahmad Zargar of M/s Nikha Ornaments (12.5 marla), Khalil Ahmad Mughal of M/s JK Gold Jewellery (14 kanal, 16 marla), Md. Asaraf Dev of M/s Raf Raf Tours and Travel (1 kanal, 12 marla), and Md. Sayed Kaushar Niyazi of M/s Sayed Tours and Travels (17 marla), in Jammu and Kashmir.
The ED initiated an investigation on the basis of an FIR registered by Maisuma Police Station, Srinagar (J&K), against the above-named persons and others for causing loss to the tune of Rs. 5.59 crore to Canara Bank, Budshah Chowk Branch, Srinagar (J&K), a statement issued by the ED said. The chargesheet by J&K Police in this case has yet to be filed before the Court of Law.
ED investigation revealed that during 2014, the above-named borrowers, along with 26 other borrowers, in the connivance of M. N. Doley, the then Branch Manager, Canara Bank, availed cash credit loans totaling to the tune of Rs. 30 crore in the names of nonexistent proprietorship entities on the basis of forged and fake documents, and later the borrowers siphoned off the same after routing the loan proceeds through various bank accounts of other entities or persons, ultimately utilising the funds for personal benefits contrary to its project purpose of business.
“All the loans granted by M. N. Dole became NPAs since 2016 and caused a huge loss (loan amount and interest thereof) to the public money held in Canara Bank, Budhsah Chawk, Srinagar (J&K),” the statement said, adding further investigations are under progress.
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