Enforcement Directorate Freezes Assets Worth Rs 1.52 Crore in Bank Scam During Demonetisation
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Synopsis
The ED has provisionally attached movable assets valued at Rs 1.52 crore under the PMLA in connection with a bank fraud case involving Netar Sabharwal and others, initiated by an FIR from the CBI's ACB during the demonetisation period.
Key Takeaways
- ED attaches assets worth Rs 1.52 crore
- Investigation linked to demonetisation period fraud
- Involvement of Jammu & Kashmir Bank officials
- Fraudulent cash deposits identified
- Ongoing investigation with expected further actions
Lucknow, Jan 21 (NationPress) The Enforcement Directorate (ED) from the Lucknow Zonal Office has provisionally seized movable assets valued at Rs 1.52 crore under the Prevention of Money Laundering Act (PMLA), 2002, as part of the investigation into the Netar Sabharwal and others bank fraud case.
The seized assets include two fixed deposits belonging to Manmohan Agarwal, the owner of M/s Shiv Jewellers, estimated at around Rs 1.22 crore, and Mayur Agarwal, the owner of M/s JS Jewellers, assessed at approximately Rs 30.76 lakh.
The ED's investigation was initiated following an FIR lodged by the Anti-Corruption Branch (ACB) of the Central Bureau of Investigation (CBI) in Ghaziabad, citing various sections of the Indian Penal Code (IPC). The FIR claims that fraudulent activities took place involving cash deposits during the demonetisation period in November-December 2016.
Findings from the ED's investigation revealed that cash was illicitly deposited into certain bank accounts during the demonetisation phase. The inquiry further disclosed that officials from Jammu & Kashmir Bank colluded with private individuals to commit forgery by manipulating bank records, enabling substantial cash deposits.
Moreover, the investigation unveiled that the improperly deposited cash underwent layering and was funneled through a chain of dubious transactions, ultimately disguised as legitimate business dealings before reaching the final recipients.
The ED has identified M/s Shiv Jewellers, led by Manmohan Agarwal, and M/s JS Jewellers, managed by Mayur Agarwal, as the final beneficiaries of these deposits. Consequently, the ED has attached fixed deposits amounting to Rs 1.52 crore in their names.
The investigation remains active, with additional actions expected.
