Srinagar, November 9, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has provisionally attached 11 immovable properties, including buildings and plots, worth Rs 10.63 crore in Srinagar and Bandipora districts in connection with an alleged fraud involving the Prime Minister’s Employment Generation Programme (PMEGP).
The ED’s Srinagar Zonal Office attached the properties under the Prevention of Money Laundering Act (PMLA). According to an official statement, the assets were held or controlled by suppliers-cum-brokers and officials of Jammu and Kashmir Bank allegedly involved in the misuse of the government-funded scheme.
The investigation began on the basis of two FIRs registered by the Anti-Corruption Bureau (ACB) and the CBI in Srinagar. The cases alleged that PMEGP loans were misappropriated through a criminal conspiracy involving borrowers, bank officials at the Sumbal and Gamud Gadkhud branches of J&K Bank, and other persons. The CBI’s ACB also registered a fresh FIR in the matter in June 2026.
The ED said its investigation found that loans were obtained using dummy borrowers and fake invoices issued in the names of non-existent firms and companies. Private suppliers-cum-brokers allegedly conspired with bank officials to secure the loans using borrowers’ KYC documents and other papers.
A survey conducted at the two bank branches under Section 16 of the PMLA revealed that 270 term loan accounts and 270 working capital accounts linked to PMEGP had turned into non-performing assets (NPAs). The outstanding NPA amount was approximately Rs 32 crore, the agency said.
The ED further said it had traced proceeds of crime worth Rs 11.37 crore. The funds were allegedly routed through multiple bank accounts, with part of the money used for construction and renovation of properties held in the names of family members, while a substantial portion was siphoned off.
The agency identified Hilal Ahmad Wani and others as allegedly playing a major role in fraudulently securing the PMEGP loans. The 11 properties have been provisionally attached under Section 5(1) of the PMLA to safeguard the value of the alleged proceeds of crime.
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