J&K: ED Seizes Properties Valued at ₹14.93 Crore Under Money Laundering Law
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Synopsis
The Enforcement Directorate has attached properties worth ₹14.93 crore in Jammu and Kashmir under the Prevention of Money Laundering Act 2002, including hotels involved in illegal construction and activities. The investigation is ongoing as the agency tackles money laundering linked to terrorism.
Key Takeaways
- Properties valued at ₹14.93 crore attached by ED.
- Hotels in Patnitop were built illegally.
- Investigation linked to drug trafficking and terrorism.
- ED aims to combat financial crimes.
- Illegal activities provide funding for anti-national actions.
Jammu, January 21 (NationPress) The Enforcement Directorate (ED)Rs 14.93 crore under the Prevention of Money Laundering Act (PMLA) 2002 in Jammu and Kashmir.
The attached properties include Hotel Trinetra Resorts and Hotel Green Orchid, both located in Patnitop (J&K), as part of the Patnitop Development Authority (PDA) investigation under the PMLA.
The investigation was initiated following an FIR lodged by the CBI, ACB, Jammu, against various owners and directors of hotels, guest houses, resorts, cottages, and residences in the Patnitop region, as well as officials of the PDA. Allegations include the commercial use of residential properties, unauthorized construction exceeding approved limits, and operating in restricted areas such as dense forests, agricultural zones, and residential neighborhoods.
The ED revealed that both Hotel Trinetra Resorts and Hotel Green Orchid were constructed beyond permissible limits set by the PDA, having illegally encroached on land and generating revenue from these unlawful activities.
The agency stated, “The illegally acquired land and the revenue generated constitute the Proceeds of Crime and have been attached. Further investigations are ongoing.”
Investigative authorities are intensifying their efforts against drug traffickers, pedlars, and individuals involved in money laundering and other financial crimes.
Intelligence reports indicate that the proceeds from drug smuggling and money laundering are being utilized to finance and support terrorism in J&K.
These illegal activities provide funding for anti-national endeavors. Drugs are smuggled into J&K directly through the Line of Control (LoC) and the International Border (IB) from Pakistan, with the conduits of this illicit trade being directly linked to terrorist organizations, according to intelligence agencies.
