A senior police officer and a leading businessman in Srinagar were among the suspects raided as part of a crackdown on a Rs 85-crore terror funding racket in Jammu and Kashmir. Officials said the racket could be the biggest terror funding case uncovered in the country in recent memory.
The raids were carried out between Wednesday and Friday by the State Investigation Agency (SIA), the premier investigation agency of the Union Territory.
“It is pertinent to mention that this is a terror funding case in which money amounting to Rs 85 crore has been raised and laundered through covert channels. The money is suspected to be used in funding terrorism and secessionism in the UT of Jammu & Kashmir,” said the agency.
The SIA said electronic gadgets were among the incriminating material seized during the searches.
The simultaneous raids were conducted a week after the agency said it had “uncovered a module involved in the laundering of illegal proceeds and its use in unlawful activities”.
According to the SIA, a formal criminal case was registered in August after an inquiry unveiled money laundering to the tune of over Rs 85 crore.
The agency reiterated that it will bring “all involved to justice, besides unravelling the broader nexus behind this act”.
Sources say the alleged money-laundering network has Dubai links and raids conducted in Kashmir and New Delhi since Wednesday were part of the investigation to unearth the nexus and establish the money trail. Among the 22 locations raided by the SIA on Wednesday were the premises of a senior police officer and a leading businessman.
The massive money laundering, which was done through gold smuggling and other means, is far bigger than the terror funding cases busted earlier by the police and other security agencies in Kashmir.
On Friday morning, searches were carried out at 10 locations in the districts of Srinagar, Pulwama and Anantnag, and incriminating material, gadgets and documents were seized.
“The State Investigation Agency once again affirmed its resolve in dismantling the terror ecosystem in Jammu and Kashmir,” said an SIA statement.