The Enforcement Directorate (ED) has raided six locations related to the Jammu and Kashmir Bank (JK Bank) in connection with a money laundering case worth Rs 250 crore. The raids were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA).
The searches included the premises of the former bank chairperson. The fraud was allegedly committed in the name of a fictitious housing society called the River Jhelum Cooperative Housing Building Society.
