Srinagar, June 25 After attaching movable and immovable property worth Rs 36.57 crore belonging to M/S Trinity Reinsurance Brokers Limited (M/S TRBL), the Enforcement Directorate (ED) in Kashmir’s Srinagar has filed a prosecution complaint (PC) against the firm, its directors and others associated with it.
A press statement by ED said that the agency has filed a prosecution complaint (PC) under the Prevention of Money Laundering Act (PMLA) 2002, and the special PMLA court has taken the complaint on June 20, 2025.
ED initiated investigation based on the FIR filed by ACB, Srinagar, CBI for commission of offences under various sections 120-B and 420 RPC and under section 5(1) (d) read with section of 5 (2) of JKPC, against a complaint filed by GAD government of UT of J&K against M/S Trinity reinsurance brokers limited, M/S Reliance insurance company Limited and unknown public servants and private persons.
During the investigation, it was revealed that the J&K Finance Department deliberately awarded the tender for engagement of an intermediary (i.e. Insurance broker) for designing, floating the tender and implementation of the health insurance scheme for government employees and pensioners by dubious/questionable selection and shortlisting to M/S TRBL without holding the eligibility criteria.
Moreover, for engagement of IRDAI registered insurance company was awarded through M/S TRBL to the said insurance company which was already blacklisted by government of Chhattisgarh by modification and delection of essential eligibility criteria even though the company had less presence in J&K and bore minimum experience during the stipulated period as per requirement of the said tender during the stipulated period.
“In this way, an amount of Rs 63.53 crore was fraudulently disbursed to the above companies. In this case, ED had earlier attacked movable and immovable properties worth Rs 36.57 crore in the hands of M/S TRBL and others,” the ED said.
It added that further investigation is going on.
--IANS
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