ED Unravels Multi-Crore JK Grameen Bank Fraud Case

The Enforcement Directorate has provisionally attached six properties worth Rs. 3.40 crore linked to the JK Grameen Bank fraud involving Ishtiyaq Ahmad Parray. Investigations reveal fraudulent loan approvals worth Rs. 6.30 crore were channeled to fictitious borrowers with proceeds ultimately used to purchase properties.

In a significant development, the Directorate of Enforcement (ED) has taken decisive action against the individuals involved in the Jammu and Kashmir Grameen Bank (JKGB) fraud case. The ED provisionally attached six immovable properties valued at around Rs. 3.40 crore. These assets are linked to Ishtiyaq Ahmad Parray, a resident of Srinagar, alongside Tariq Ali Parray, Haseena Bano, and Maqsood Ali Parray. The properties are located in Srinagar, adjacent areas, and a flat in Zakir Nagar, New Delhi. The move aligns with the Prevention of Money Laundering Act (PMLA), 2002.

The enforcement agency initiated its probe based on four First Information Reports (FIRs) filed by the Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB) in Srinagar. These reports name Ishtiyaq Ahmad Parray, who previously held the position of Branch Manager at JKGB, and 10 other individuals. They face charges under various sections of the Ranbir Penal Code, akin to the Indian Penal Code, and the Jammu and Kashmir Prevention of Corruption Act. The charges relate to the embezzlement of Rs. 6.30 crore through fraudulent loan approvals for non-existent borrowers during Parray's tenure at several bank branches between 2014 and 2019.

The fraudulent loans facilitated funds being funneled into accounts in the names of non-existent borrowers, later classified as non-performing assets. The money was then shifted into the accounts of associates, including daily wage workers and drivers linked to Parray. Ultimately, the embezzled funds were used to acquire properties in the names of Parray and his family members. Investigations into the case continue, with further details awaited.

(With inputs from agencies.)