The ED said the suspected proceeds derived from the scheduled offences were diverted through bank accounts in multiple transactions and part of it was utilised for construction and renovation of assets and personal enrichment. File | Photo Credit: PTI
The Directorate of Enforcement (ED) on Monday (November 9, 2026) attached the immovable properties worth ₹10.63 crore under the Prevention of Money Laundering Act (PMLA) in alleged misuse of the Prime Minister Employment Generation Programme (PMEGP) case.
An ED spokesman said there was misappropriation of PMEGP Scheme’s loans in criminal conspiracy with the PMEGP borrowers, bank officials of Sumbal Branch and Gamud Gadkhud Branch of J&K Bank and other unknown persons.
“The accused have cheated the bank and misappropriated bank funds and caused wrongful loss to the bank and corresponding wrongful gain to themselves. Investigation revealed PMEGP Loans amounts availed by projecting dummy PMEGP borrowers by using fake invoices of non-exist firm/companies and in criminal conspiracy with bank officials branches Sumbal and Gamud Gadkhud of J&K Bank by private persons-cum-brokers,” said the spokesman.
The CBI and J&K’s anti-corruption bureau (ACB) has also registered a case in the matter in June 2026.
The ED said the suspected proceeds derived from the scheduled offences were diverted through bank accounts in multiple transactions and part of it was utilised for construction and renovation of assets and personal enrichment. “Investigation conducted so far, was able to trace the generation of Proceeds of Crime to the tune of Rs. 11.37 crore. Further investigation is under progress,” said the ED.
Published - November 10, 2026 03:46 am IST
Source: The Hindu · The Hindu Bureau
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