The Enforcement Directorate (ED) on Saturday seized 2 houses, 3 plots and one property worth Rs 11.86 crore of former Jammu and Kashmir chief minister Farooq Abdullah in relation to JK cricket association fund scam. The ED has taken action under PMLA act.
The attached assets of Farooq Abdullah include one each property at Gupkar Road, Srinagar, Tehsil Katipora, Tanmarg and Bhatindi in Jammu, Also one commercial property at Residency Road area of Srinagar has also been seized.
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 a number of times in this case, the last being in October at Srinagar.
Investigations under PMLA revealed that during the period from 2005-06 to December 2011, JKCA received funding totaling Rs. 109.78 crore from BCCI. Between years, 2006 to January 2012, when Farooq Abdullah was the President of JKCA, he allegedly 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.
Investigations also reveal Farooq Abdullah was instrumental as well as the beneficiary of the laundered funds of JKCA. 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.
Investigations conducted so far revealed that JKCA funds to the tune of more than Rs. 45 crores has been siphoned, which includes huge cash withdrawals to the tune of Rs. 25 crore 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 off the funds.
(With inputs from PTI)
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