The Directorate of Enforcement (ED), has provisionally attached six immovable properties worth Rs.3.40 Crore in Jammu & Kashmir Grameen Bank (JKGB) fraud case, officials said on Thursday.
The properties that have been attached belonged to Ishtiyaq Ahmad Parray, a resident of Tangbagh, Khayam, Srinagar; Tariq Ali Parray, Haseena Bano, and Maqsood Ali Parray situated at Srinagar and its nearby places and a flat at Zakir Nagar, New Delhi under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The ED said they initiated an investigation based on 4 FIRs registered by the CBI, Anti Corruption Bureau, Srinagar wherein Ishtiyaq Parray, the then Branch Manager, JKGB & 10 Others were charge-sheeted under various sections of RPC (pari-materia to corresponding Sections of IPC, 1860) and JK PC Act (pari-materia to Section 13 of PC Act, 1988) for embezzlement of funds to the tune of Rs. 6.30 Crore by sanctioning of loans fraudulently to the non-existent borrowers.
"ED investigation revealed that Ishtiyaq Parray, the then Branch Manager of JKGB while posted at its Mirgund, Pattan and Khanpet Branches during the year 2014-19 fraudulently sanctioned 107 KCC, 50 JLG, 17 Vehicles, 4 CCs, and 2 Easy Finance Loans, in total 180 fake loan accounts, to the tune of Rs. 6.30 Crore which were credited into the bank accounts of non-existing borrowers, which later turned into NPA," the ED said.
"The loans so sanctioned were subsequently transferred into the bank accounts of the several mule account holders who were his known persons/driver/daily wage workers. Thereafter, these amounts were transferred into the bank accounts of Ishtiyaq Ahmad Parray and his family members, which were ultimately used for the acquisition of immovable properties in their names," the ED said, adding further investigation is under progress.