STATE TIMES NEWS
JAMMU: The Enforcement Directorate has attached assets worth Rs 11.86 crore of former Chief Minister Farooq Abdullah and others in connection with its money laundering probe linked to alleged financial irregularities in the Jammu and Kashmir Cricket Association, official sources said on Saturday.They said the agency has issued a provisional attachment order under the Prevention of Money Laundering Act and the attached properties are located in Jammu and Srinagar.
Two immovable assets are residential, one is a commercial property while three other plots of land have also been attached by the Enforcement Directorate, they said.While the book value of these attached properties is Rs 11.86 crore, their market value is about Rs 60-70 crore, they added.
The 83-year-old NC patron has been questioned by the ED in this case a number of times, the last being in October at Srinagar.According to a handout issued by the Enforcement Directorate the attached properties include three residential houses, one at Gupkar Road, Srinagar; one at Tehsil Katipora, Tanmarg, and one at Bhatindi, Village Sunjwan, (Jammu); commercial buildings at posh Residency Road area of Srinagar. Besides, lands at four different places in J&K have also been attached. During investigations it is disclosed that out of the aforesaid attached properties the residence and land of Dr. Farooq Abdullah at Gupkar Road and commercial buildings at Residency Road, at prime upmarket locations, are basically State lands obtained on lease. It was also disclosed that the attached house at Bhatindi, Village Sunjwan, (Jammu) had been constructed by Dr. Farooq Abdullah on State land and Forest land, where he has also grabbed State land and Forest land.The statement adds that between years 2005 – 2006 to December 2011, JKCA received funding totaling to Rs. 109.78 from BCCI. Between years 2006 to January 2012, when Dr. Farooq Abdullah was the President of JKCA he misused 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 clearly brings out that Dr. Farooq Abdullah was instrumental as well as beneficiary of the laundered funds of JKCA.It also stated that 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.The statement added that during investigations so far it has surfaced that JKCA funds to the tune of more than Rs. 45 Crores has been siphoned, which includes heavy cash withdrawals of around 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.“Further investigation is going on”, the statement concluded.The central probe agency issued a provisional order for attachment of the properties under the Prevention of Money Laundering Act (PMLA) against which an appeal could be filed before the adjudicating authority of the PMLA within six month period.The authority decides on the merit of the attachment and if it okays the ED action, the agency proceeds to confiscate the said asset.The accused can further appeal against this order of the adjudicating authority before the appellate authority of the PMLA followed by the trial court, high court and the Supreme Court.
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