Farooq Abdullah money laundering case: ED seizes ₹12 crore worth assets [Details]

The Enforcement Directorate (ED) on Saturday attached assets worth Rs 11.86 crore belonging to National Conference president Farooq Abdullah in connection with the Jammu and Kashmir Cricket Association (JKCA) money laundering case. ED's investigation has revealed that JKCA funds to the tune of Rs 45 crore has been siphoned, which include huge cash withdrawals of Rs 25 crore without legit justification.

ED has issued a provisional attachment order under the Prevention of Money Laundering Act. The seized properties are located in Jammu and Srinagar, which include four immovable assets – three residential and one commercial. The residential plots are located in Gupkar Road, Srinagar, Tehsil Katipora, Tanmarg and Bhatindi in Jammu, while the commercial property is located in Residency Road area in Srinagar.

ED seizes assets of Abdullah

Though the value of the attached properties is Rs 11.86 crore, the market value of the same is about Rs 60-70 crore, sources have revealed, according to PTI.

As per the agency, Abdullah, who was JKCA president from 2006 till January 2012, allegedly "misused his position and clout by illegal appointments of officer bearer at JKCA to whom he gave financial powers for the purpose of laundering of JKCA funds.

The agency further revealed that six new bank accounts were set up to siphon of JKCA funds. The investigations under PMLA revealed that during the period from 2005-06 to December 2011, JKCA received funding totalling to Rs 109.78 Crore from BCCI.

Abdullah was questioned twice in Srinagar in October. 

Reacting to the issue, Omar Abdullah said the media was tipped off about the asset seizure before ED notice was even sent. The former J&K CM said the matter will be taken up in court as the ED attachment order was "baseless"