Now Reading: ED attaches Rs 10.63 crore assets in J&K Bank PMEGP fraud case
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ED attaches Rs 10.63 crore assets in J&K Bank PMEGP fraud case
The Story in Brief
The Enforcement Directorate (ED) on Monday, 9 November 2026, attached 11 immovable properties worth Rs 10.63 crore in Srinagar and Bandipora districts under the Prevention of Money Laundering Act (PMLA), 2002. The properties are linked to alleged misuse of the Prime Minister Employment Generation Programme (PMEGP) scheme.
The ED said the investigation, based on FIRs registered by the CBI and J&K's anti-corruption bureau in June 2026, revealed that PMEGP loans were fraudulently availed using dummy borrowers and fake invoices in conspiracy with J&K Bank officials and brokers. The proceeds of crime have been traced to Rs 11.37 crore, and the ED said part of the amount was used for construction and renovation of assets. A survey found that non-performing assets in the scheme at the two bank branches stood at Rs 32 crore.
The ED has provisionally attached assets held by suppliers-cum-brokers, bank officials and a bank officer. Further investigation is underway.
Indian Opinion Analysis
Both outlets report the same ED statement without variation, producing uniform neutral wire-style coverage. Greater Kashmir provides more operational detail, including the 270 term loan accounts and the Rs 32 crore NPA figure, while The Hindu condenses the account. Neither outlet adds independent scrutiny or official response beyond the ED's own narrative. The key watch item remains the ongoing investigation: the ED has named Hilal Ahmad Wani as a major figure, but no arrests or charges have been reported yet. The next concrete step will be any judicial action on the provisional attachment order.
Coverage: 2 sources, 2 neutral
Sources (2): greaterkashmir.com (neutral report), thehindu.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
