New Delhi, Nov. 9 -- The Enforcement Directorate (ED) has provisionally attached 11 immovable properties worth Rs 10.63 crore in Jammu and Kashmir in connection with an alleged Rs 32-crore fraud involving misuse of the Prime Minister's Employment Generation Programme (PMEGP).
The properties, comprising land and buildings in Srinagar and Bandipora, allegedly belong to suppliers-cum-brokers and an official of J&K Bank. The probe revealed that 270 term loan accounts and an equal number of working capital accounts at two J&K Bank branches turned into non-performing assets, involving outstanding dues of around Rs 32 crore.
The ED alleged that loans were obtained using forged invoices and fictitious companies, in collusion with bank officials. It traced proceeds of crime worth Rs 11.37 crore.
Published by HT Digital Content Services with permission from Millennium Post.