Lucknow, Jan 21 The Enforcement Directorate (ED), Lucknow Zonal Office, has provisionally attached movable assets worth Rs 1.52 crore under the Prevention of Money Laundering Act (PMLA), 2002, in the ongoing investigation into the Netar Sabharwal and others bank fraud case.
The attached assets consist of two fixed deposits belonging to Manmohan Agarwal, the proprietor of M/s Shiv Jewellers, valued at approximately Rs 1.22 crore, and Mayur Agarwal, the proprietor of M/s JS Jewellers, valued at approximately Rs 30.76 lakh.
The ED initiated its investigation based on an FIR filed by the Anti-Corruption Branch (ACB) of the Central Bureau of Investigation (CBI) in Ghaziabad, under various sections of the Indian Penal Code (IPC). The FIR alleges that during the demonetisation period in November-December 2016, certain bank accounts were fraudulently used for cash deposits.
According to the ED's investigation, it was found that cash was deposited into specific bank accounts during the demonetisation period. The probe further revealed that officials from Jammu & Kashmir Bank conspired with private individuals, committing forgery by falsifying bank records to facilitate the large cash deposits during this period.
The investigation also uncovered that the fraudulently deposited cash was layered and routed through a series of suspicious transactions, eventually being camouflaged as legitimate business transactions before being transferred to the final beneficiaries.
The ED identified M/s Shiv Jewellers, owned by Manmohan Agarwal, and M/s JS Jewellers, owned by Mayur Agarwal, as the ultimate beneficiaries of these deposits. As a result, the ED has attached fixed deposits worth Rs 1.52 crore in their names.
The investigation is ongoing, with further action anticipated.
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