SRINAGAR: The Enforcement Directorate (ED) on Monday attached immovable properties worth Rs 10.63 crore in Srinagar and Bandipora district of north Kashmir under the Prevention of Money Laundering Act (PMLA), 2002, in a case related to the alleged misuse of the Prime Minister’s Employment Generation Programme (PMEGP).“The provisional attachment order was issued in respect of 11 assets, consisting of land and buildings in Srinagar and Bandipora districts of Kashmir. They were found in the possession of suppliers-cum-brokers and bank officials of J&K Bank involved in the misuse of the PMEGP scheme,” the ED said.The ED said the investigation was initiated based on two FIRs registered by the Anti-Corruption Bureau (ACB) and the Central Bureau of Investigation (CBI), Srinagar, alleging the misappropriation of loans under the PMEGP scheme through a criminal conspiracy involving PMEGP borrowers, bank officials and other unknown persons.The investigation revealed that PMEGP loans were obtained by projecting dummy borrowers and using fake invoices from non-existent firms and companies. Private individuals-cum-brokers allegedly acted in criminal conspiracy with J&K Bank officials.The CBI and ACB also registered a fresh FIR in the matter in June 2026. During the investigation, it was found that 270 term loan accounts and 270 working capital accounts linked to the PMEGP scheme had turned into non-performing assets (NPAs). The outstanding NPA amount was estimated at around Rs 32 crore.