Srinagar 14 November (KNB): The J&K CID on Saturday conducted searches against several suspects in connection with investigation of case FIR no 29/ 2020 U/S 120-B, 409, 477-A of IPC & Section 13 (I) (c) & (d) of Prevention of Corruption Act and Section 13, 39 UA (P) Act of P/S CIK Srinagar.
Officials stated that teams of intelligence officers affected searches at various places. A total of 22 premises spread over Srinagar, Budgam, Anantnag, Jammu and Delhi which include private offices and residences were searched.
Armed with search warrants issued by competent judicial authority and overseen by executive magistrates as witnesses, teams of CID investigators looked for additional evidence pertaining to several dubious and irregular financial transactions.
Many of these involve suspected collusion between bank officials, private persons and public servants, officials affirmed.
The suspected irregularities amounting to a variety of offences under different provisions of law include concealment 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 the bank under the regulatory directions notified by RBI with faulty and false closure remarks as ‘STR’ (suspicious Transaction Reports) or ‘already reported in STR’ or other related comments, whereas STR MIS did not contain these alerts, officials stated.
Dishonest exporters in collusion with bank officials obtained money in advance but did not submit invoices and documents to prove that the advance so obtained from the bank have been utilised lawfully, bank officials failing to raise alerts wherein funds flowed from many different accounts into one account even when these transactions involved acceptance of huge deposits and withdrawals in cash in violation of banking rules and regulations, officials stated.
The raids led to recovery of incriminating evidences which would be analysed for further action, officials added. (KNB)