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| ED attaches properties worth Rs 10.63 cr in Rs 32 cr PMEGP loan fraud case | | | Early Times Report
Srinagar, Nov 9: The Enforcement Directorate (ED) has provisionally attached 11 immovable properties worth Rs 10.63 crore in Srinagar and Bandipora districts in connection with the alleged misuse of the Prime Minister's Employment Generation Programme (PMEGP) scheme in Jammu and Kashmir, officials said on Monday
The provisional attachment order, issued by the ED's Srinagar Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, covers lands and buildings allegedly held by suppliers-cum-brokers and a J&K Bank official accused of involvement in the scheme's misuse.
ED said that investigation was initiated on the basis two FIRs of Anti-Corruption Bureau, CBI, Srinagar alleging misappropriation of PMEGP Scheme's loans amounts in criminal conspiracy with the PMEGP borrowers, bank officials of Sumbal Branch & Gamud Gadkhud Branch of J&K Bank and other unknown persons have cheated the bank and misappropriated bank funds and caused wrongful loss to the bank and corresponding wrongful gain to themselves.
The investigation allegedly revealed that loans were fraudulently obtained in the names of dummy beneficiaries using their KYC documents and fake invoices issued by non-existent firms. The loans were allegedly sanctioned in connivance with bank officials and private suppliers-cum-brokers.
During searches and surveys conducted at the two J&K Bank branches under Section 16 of the PMLA, the ED found that 270 term loan accounts and an equal number of working capital accounts linked to the PMEGP scheme had turned non-performing assets (NPAs), involving outstanding dues of around Rs 32 crore.
The ED said its investigation had identified Hilal Ahmad Wani and others as key players in the alleged fraud, claiming that borrowers were induced to avail PMEGP loans using their documents, while fake invoices of non-existent firms registered in the names of suppliers-cum-brokers or their family members were used to facilitate loan disbursement.
The agency has so far traced proceeds of crime amounting to Rs 11.37 crore, which were allegedly routed through multiple bank accounts and partly utilised for the construction and renovation of properties held in the names of family members of the accused.
The ED further alleged that a substantial portion of the proceeds of crime had been siphoned off, with the accused allegedly involved in their diversion, concealment, possession and use.
The agency said 11 identified properties had been provisionally attached to safeguard the value of the alleged proceeds of crime. It added that a fresh FIR was also registered by the CBI's ACB in June 2026 in connection with the matter.
Further investigation is underway, ED said. |
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