The National Investigation Agency (NIA) has registered a preliminary enquiry to track the flow of funds in several bank accounts in the valley, which are suspected to have been used for financing terrorist and unlawful activities. The investigating agency launched the probe even as the unrest in the valley entered 41st day.
“Based on technical inputs, information has been collected that certain bank accounts in J&K have seen huge inflow and outflow of funds during the last few months. These accounts are in names of persons whose income doesn’t warrant such banking transactions,” a NIA spokesperson said.
The official said that the information available with the agency also indicates flow of funds into and disbursement there from in bank accounts of some persons of interest in J&K.
“To verify the details and to ascertain the end users of the flow of funds, NIA has registered Preliminary Enquiry into the subject and would submit its findings to Home Ministry in due course,” said the official.
Hawala channelsRunning the risk of getting caught by the security and intelligence agencies, the militant organisations and their sympathisers have begun jettisoning the hawala channels for transferring money and are wooing Kashmiris who travel to gulf countries for work, PTI reported.
After thoroughly brainwashing them, the individual is persuaded to receive money in his bank account which is then used for financing terror activities, official sources said.
As per the PTI report, one per cent of the money received is left in the bank account of the individual by their handlers based abroad as commission, they said.
The money so deposited in the bank accounts is withdrawn within days.
Sources in the anti-terror probe agency said discreet inquiries showed that some people who received such dubious money in their accounts had no connection whatsoever with the depositors and the amounts were withdrawn within 48 hours of being transferred, the PTI said.
In order to avoid detection by the Reserve Bank of India, the funds are transferred in small amounts not exceeding Rs. one lakh.
Banks are mandated to give a Suspicious Transaction Report (STR) if they find over Rs. 10 lakh has been deposited in any account in one go and also if they notice regular flow of large amounts into it from the same source.
Therefore, the sources said, the money is deposited in various accounts in order to avoid being noticed and named in STR. The same set of people is used after a gap of no less than three to four months.
Over invoicing of goods by some Kashmiri businessmen doing trade in the Gulf has also come under NIA lens, sources said.
