Srinagar:  Enforcement Directorate (ED) today carried out search and survey operations at eight locations in Srinagar, Jammu and Kashmir.

Two persons, identified as Mohammad Shafi Dar, the former Chairman of JKSTCB, and Hilal Ahmad Mir, Chairman of River Jehlum Co-operative House Building Society, were apprehended in connection with a Prevention of Money Laundering Act (PMLA) case.

The case revolves around the alleged fraudulent sanctioning of a loan amounting to Rs. 250 Crore in 2019.

The loan was purportedly granted to a fictitious cooperative society named River Jehlum Co-operative House Building Society, located in Shivpora, Srinagar, by the J&K State Co-operative Bank.

The ED's operations yielded substantial findings as various incriminating documents, property papers, and digital devices were uncovered and seized during the search operations.

The arrested individuals are now under investigation for their alleged involvement in this financial malpractice.