J-K CID searches 22 places in Kashmir, Jammu and Delhi in irregular financial transactions case

Criminal Investigation Department (CID), a branch of Jammu and Kashmir Police, on Saturday conducted searches at 22 places in Jammu and Kashmir, and Delhi in connection with a case pertaining to several dubious and irregular financial transactions, a police spokesman said.

Teams of intelligence officers affected searches at a total of 22 premises spre over Srinagar, Budgam and Anantnag in Kashmir, and in Jammu and Delhi which include private offices and residences, he said.

spokesman said searches were conducted against several suspects in connection with investigation of a case registered under various sections of Indian Penal Code, Prevention of Corruption Act and Unlawful Activities (Prevention) Act.

Armed with search warrants issued by competent judicial authority and overseen by executive magistrates as witnesses, teams of CID investigators looked for ditional evidence pertaining to several dubious and irregular financial transactions, spokesman said.

He said many of se involve suspected collusion between bank officials, private persons and public servants.

suspected irregularities amounting to a variety of offences under different provisions of law include concealment of suspicious and dubious transactions from identification and scrutiny by closing Anti-Money Laundering (AML) alerts, wrongly closing alerts that were to be mandatorily furnished by bank under regulatory directions tified by RBI with faulty and false closure remarks as 'STR' (suspicious transaction reports) or 'alrey reported in STR' or or related comments, whereas STR MIS did t contain se alerts.

“Dishonest exporters in collusion with bank officials obtained in vance but did t submit invoices and documents to prove that vance so obtained from bank have been utilised lawfully, bank officials failing to raise alerts wherein funds flowed from many different accounts into one account even when se transactions involved acceptance of huge deposits and withdrawals in cash in violation of banking rules and regulations,” spokesman said.

He said raids led to recovery of incriminating evidence which would be analysed for furr action and form useful pieces of evidence in investigation.