BuzzBytes Srinagar, Dec 15:
In a significant development, the Enforcement Directorate has taken action in connection with a loan fraud case in Srinagar’s Shivpora area. The agency has provisionally attached 257 Kanal and 19 Marlas of immovable property, valued at Rs 193.46 crore, related to a financial fraud case under the Prevention of Money Laundering Act (PMLA).
The case revolves around the sanctioning of a massive loan of Rs 250 crore in 2019 to a purported cooperative society named River Jehlum Cooperative House Building Society. Investigations have revealed the society to be fake, and key figures, including the former chairman of JKSTCB, have been implicated in the fraudulent activities.
The attached land in Shivpora is now under scrutiny as authorities delve deeper into the intricate web of financial misconduct. This action marks a significant step in the ongoing efforts to combat financial fraud and uphold the integrity of financial institutions. The Enforcement Directorate continues its pursuit of justice, sending a strong message against those involved in such malpractices.
Stay tuned for further updates on this evolving investigation as authorities work to bring those responsible to justice.
