CID sleuths in J&K, Delhi in connection with hawala transactions


Srinagar, November 15: CID sleuths of Jammu and Kashmir on Saturday conducted searches at various places across Jammu Kashmir and Delhi in connection with a case registered under provisions of Unlawful Activities (Prevention) Act and Prevention of Corruption Act.

A total of 22 premises spread over Srinagar, Budgam, Anantnag, Jammu and Delhi including offices and residences of various people were searched in connection with hawala transactions. 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, according to a statement issued here. 

The statement further stated that 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.

Dishonest exporters in collusion with bank officials obtained money advance but did not submit invoices and documents to prove that the advance so obtained from the bank have been utilized 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. The raids led to recovery of incriminating evidences which would be analysed for further action and form useful pieces of evidence in the investigation, the statement read.