Dubious financial transactions | J&K CID searches 22 places in Kashmir, Jammu, Delhi
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The Criminal Investigation Department of the Jammu and Kashmir Police carried out searches at 22 places in Jammu and Kashmir, and Delhi on November 14 in reference to a case pertaining to a number of doubtful and irregular financial transactions, a police spokesman stated.
Teams of intelligence officers affected searches at a complete of 22 premises unfold over Srinagar, (*22*) and Anantnag in Kashmir, and in Jammu and Delhi which embody non-public places of work and residences, he stated.
The spokesman stated the searches had been carried out towards a number of suspects in reference to the investigation of a case registered underneath varied sections of the Indian Penal Code, the Prevention of Corruption Act and the Unlawful Activities (Prevention) Act.
Armed with search warrants issued by competent judicial authority and overseen by government magistrates as witnesses, groups of CID investigators appeared for extra proof pertaining to a number of doubtful and irregular financial transactions, the spokesman stated.
He stated many of those contain suspected collusion between financial institution officers, non-public individuals and public servants.
The suspected irregularities amounting to quite a lot of offences underneath completely different provisions of legislation embody concealment of suspicious and doubtful transactions from identification and scrutiny by closing Anti-Money Laundering (AML) alerts, wrongly closing alerts that had been to be mandatorily furnished by the financial institution underneath the regulatory instructions notified by the RBI with defective and false closure remarks as ‘STR’ (suspicious transaction reviews) or ‘already reported in STR’ or different associated feedback, whereas STR MIS didn’t include these alerts.
Dishonest exporters in collusion with financial institution officers obtained in advance however didn’t submit invoices and paperwork to show that the advance so obtained from the financial institution have been utilised lawfully, financial institution officers failing to lift alerts whereby funds flowed from many alternative accounts into one account even when these transactions concerned acceptance of big deposits and withdrawals in money in violation of banking guidelines and laws, the spokesman stated.
He stated the raids led to restoration of incriminating proof which might be analysed for additional motion and type helpful items of proof in the investigation.
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