ED : The Enforcement Directorate (ED) on Thursday said it has attached assets worth Rs 3.40 crore of a former branch manager of Jammu and Kashmir Gramin Bank (JKGB), his family members,What, and some others in a case related to alleged fraud with the lender. In a statement, the agency said a preliminary order was issued under the Prevention of Money Laundering Act (PMLA) against former bank officials Ishtiaq Ahmed Parray, (resident of Khayyam, Tangbagh, Srinagar), Tariq Ali Parray, Haseena Bano and Maqsood Ali Parray, to freeze their properties located in Srinagar and a flat in Zakir Nagar area of ​​Delhi.

what is the allegation?

The money laundering case stems from a chargesheet filed by the Central Bureau of Investigation (CBI) against Ishtiaque and 10 others for allegedly "misappropriating" money to the tune of Rs 6.30 crore by fraudulently sanctioning various types of loans to non-existent borrowers.

According to the ED, when Ishtiaque was posted as branch manager at JKGB Mirgund, Pattan, and Khanapet between 2014 and 2019, he 'fraudulently' sanctioned 107 Kisan Credit Card loans, 50 Joint Liability Group loans, 17 vehicle loans, four cash credit loans and two soft finance loans.

It sanctioned these loans worth Rs 6.30 crore for 180 accounts, which later turned into non-performing assets.