New Delhi: Enforcement Directorate (ED) has said that it has provisionally attached property worth Rs 11.86 crore under the Prevention of Money Laundering Act (PMLA) of former Jammu and Kashmir Chief Minister Farooq Abdullah and others in connection with its probe linked to alleged financial irregularities in the Jammu and Kashmir Cricket Association (KJCA).
“The attached properties include three residential houses, one at Gupkar Road, Srinagar; one at Tehsil Katipora, Tanmarg, one at Bhatindi in Jammu and commercial buildings on posh Residency Road area of Srinagar,” the probe agency officials said.
He also said that the property attached has a book value of Rs 11.86 crore while its actual market value is about Rs 60-70 crore.
The officials also added that among attached properties, the residence and land of Dr Farooq Abdullah at Gupkar Road and commercial buildings at Residency Road, at prime upmarket locations, are State lands obtained on lease whereas the other attached house at Bhatindi, Village Sunjwan in Jammu had been constructed by Farooq Abdullah on State land and Forest land, where he has also grabbed State land and Forest land.
Investigations under PMLA revealed that during the period from 2005-06 to December 2011 the JKCA received funding of Rs 109.78 Crore from BCCI.
According to the probe agency, Dr Abdullah was the president of JKCA between years 2006 to January 2012 and by misusing his position and clout by illegal appointments of office bearer at JKCA to whom he gave financial powers for the purpose of laundering of JKCA Funds.
“Investigation also reveals that Dr Farooq Abdullah was instrumental as well as beneficiary of the laundered funds of JKCA. Despite existing regular bank account of JKCA, six new bank accounts were opened for parking of JKCA Funds and siphoning of the same. One dormant bank account in the name of Kashmir Wing of JKCA was also made operational for the same purpose”, they further said.
Investigations conducted so far revealed that JKCA funds to the tune of more than Rs 45 Crores has been siphoned, which includes huge cash withdrawals to the tune of Rs. 25 Crores with no corresponding justification.
Investigations disclose that for the purpose of generation of proceeds of crime, JKCA funds were layered by way of complex interbank transfers in all the bank accounts of JKCA and also by transfer to several personal bank accounts, followed by siphoning of the funds, the ED said, adding that further investigation in this case is under progress. (UNI)
