Srinagar, July 22, 2025 : The Enforcement Directorate (ED) has filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a ₹5.59 crore bank fraud case involving multiple individuals and entities across Jammu and Kashmir and Delhi. The Special Court (PMLA), Srinagar, has taken cognizance of the complaint.
According to an ED statement, the complaint has been filed against former Canara Bank Branch Manager Mukti Nath Doley, along with Irfan Manzoor Darzi, Shah Nawaz Shah (SMC Tours & Travels, Delhi), Md. Parwez Mughal (Raffal World, Srinagar), Md. Asaraf Dev (Rafraf Tours & Travels, Budgam), Sayed Kaushar Niyazi (Syed Tours & Travels, Srinagar), Rayees Manzoor Darzi (Rayees Tour & Travels), Mudasir Nazir Wani (Travel King), Irfan Rashid Khan (JK Makkah Jewellers, Rajouri), Ishfaq Ahmad Zargar (Nikha Ornaments, Srinagar), and Khalil Ahmad Mughal (JK Gold Jewellery, Rajouri).
The case stems from an FIR filed by Maisuma Police Station, Srinagar, alleging fraudulent loan disbursement at Canara Bank’s Budshah Chowk branch. ED’s investigation revealed that during 2014, 26 borrowers, in connivance with Doley, availed loans totaling ₹30 crore using forged documents and in the names of non-existent businesses.
Instead of using the funds for legitimate business purposes, the accused routed the loan amounts through multiple accounts and siphoned off the money for personal gains. The loans, which violated internal bank policies, eventually turned into non-performing assets (NPAs) by 2016, causing a massive loss of public money.
The ED also stated that substantial amounts of the misappropriated funds were shared among the accused, including Doley, Shahnawaz Shah, and Irfan Manzoor Darzi.
Earlier in the probe, immovable properties worth ₹4.81 crore belonging to Ishfaq Ahmad Zargar, Asaraf Dev, Sayed Kauser Niyazi, and Khalil Ahmad Mughal were provisionally attached.
The ED confirmed that further investigation in the case is ongoing.
