ED Seizes Properties in Jammu and Kashmir Grameen Bank Fraud Case
Properties Worth Rs. 3.40 Crore Attached
The Directorate of Enforcement (ED) in Srinagar has taken action in a major fraud case involving the Jammu and Kashmir Grameen Bank (JKGB). They have attached six properties valued at approximately Rs. 3.40 crore. These properties belong to Ishtiyaq Ahmad Parray and others, located in Srinagar and a flat in New Delhi.
Background of the Case
The investigation began after four FIRs were filed by the Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB) in Srinagar. Ishtiyaq Ahmad Parray, a former Branch Manager of JKGB, along with 10 others, was accused of embezzling Rs. 6.30 crore by approving fake loans to non-existent borrowers.
Details of the Fraud
During his time at JKGB branches from 2014 to 2019, Parray sanctioned 180 fake loans. The money was funneled through accounts of people close to him, eventually ending up in his and his family’s accounts. These funds were used to buy properties in their names.
Ongoing Investigation
The ED’s investigation is still ongoing, and more details are expected to emerge as the case progresses.
Doubts Revealed
ED -: ED stands for the Directorate of Enforcement. It is a government agency in India that investigates financial crimes like money laundering and fraud.
Jammu and Kashmir Grameen Bank -: Jammu and Kashmir Grameen Bank is a regional rural bank in India that provides banking services to people in the Jammu and Kashmir region, especially in rural areas.
Ishtiyaq Ahmad Parray -: Ishtiyaq Ahmad Parray is a person involved in the fraud case. He was a former Branch Manager at the Jammu and Kashmir Grameen Bank and is accused of embezzling money.
FIR -: FIR stands for First Information Report. It is a document prepared by the police in India when they receive information about a crime.
CBI -: CBI stands for the Central Bureau of Investigation. It is India’s main investigative agency that handles high-profile and complex cases.
ACB -: ACB stands for Anti-Corruption Bureau. It is a government agency that investigates corruption and bribery cases.
Embezzled -: Embezzled means to steal or misappropriate money that one is responsible for, often from a workplace or organization.