30 July 2024

The Enforcement Directorate in Srinagar conducted searches under PMLA at multiple locations linked to Istiyaq Ahmad Parray, a former branch manager of J&K Gramin Bank, and associates. They uncovered incriminating evidence suggesting embezzlement of Rs. 8.36 crore through fraudulent loans to non-existent customers. Funds were transferred to accused persons or their relatives, highlighting severe breaches in loan procedures and norms.