The Enforcement Directorate (ED) has taken into custody Mohammad Shafi Dar, the former chairman of J&K Co-operative Bank, in connection with a money laundering case amounting to Rs 250 crore in Jammu and Kashmir. This development also involves the arrest of Mohammad Hilal A Mir, identified as the chairman of the River Jhelum Cooperative Housing Building Society, described as a “fictitious firm.” Both individuals are scheduled to be presented before a special court, as reported by officials on Friday.
The ED carried out searches, including at Dar’s residence, as part of the investigation into the case on Thursday. These searches yielded incriminating evidence, leading to the arrests. The fraudulent activities were conducted under the guise of the “fictitious” River Jhelum Cooperative Housing Building Society, according to officials. The ED’s Srinagar office executed the raids under the powers granted by the Prevention of Money Laundering Act (PMLA) for search and seizure operations.
In August 2020, the Jammu and Kashmir Anti-Corruption Bureau (ACB) filed a charge sheet against Mir, Dar, and others, accusing them of offences under the Indian Penal Code and the Prevention of Corruption Act.
