The Enforcement Directorate issued orders for provisional attachment of properties worth Rs 11.86 crores belonging to former chief minister and National Conference leader Farooq Abdullah. The properties include the house on Srinagar’s Gupkar Road where Farooq Abdullah lives.
The orders were issued in connection with a money laundering probe into a case involving the Jammu and Kashmir Cricket Association (JKCA), from the time the NC leader headed it.
Among other properties are Tehsil Katipora, Tanmarg and Bhatindi Village, Sunjwan Jammu, an ED official said.
The book value of these attached properties is Rs 11.86 crore, their market value is about Rs 60-70 crore, he added.
The ED has questioned Farooq Abdullah twice in connection with a case of alleged misappropriation of funds when he was the chairman of the J&K Cricket Association.
The agency has said that its investigations revealed that during the period from 2005-06 to December 2011, JKCA received funding totalling 109.78 crore from BCCI. Between years 2006 to January 2012, when Farooq Abdullah was the President of JKCA, he allegedly misused his position and clout by illegal appointments of office bearers at JKCA to whom he gave financial powers for the purpose of laundering of JKCA Funds.
Investigations also reveal Farooq Abdullah was instrumental as well as the beneficiary of the laundered funds of JKCA. Despite existing, regular bank accounts of JKCA, six new bank accounts were opened for parking of JKCA Funds and siphoning of the same. One dormant bank account in the name of Kashmir Wing of JKCA was also made operational for the same purpose.
Investigations conducted so far revealed that JKCA funds to the tune of more than Rs. 45 crores have been siphoned, which includes huge cash withdrawals to the tune of Rs 25 crores with no corresponding justification.
“Investigations disclose that for the purpose of generation of proceeds of crime, JKCA funds were layered by way of complex interbank transfers in all the bank accounts of JKCA and also by transfer to several personal bank
accounts,” ED said.
(With inputs from PTI)
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