The Directorate of Enforcement (ED) Lucknow Zonal Office has provisionally attached movable assets worth ₹1.52 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case involving Netar Sabharwal and others.
The attached assets include two fixed deposits: one worth approximately ₹1.22 crore belonging to Manmohan Agarwal, proprietor of M/s Shiv Jewellers, and another worth ₹30.76 lakh belonging to Mayur Agarwal, proprietor of M/s JS Jewellers.
The investigation was initiated following an FIR lodged by the Anti-Corruption Bureau (ACB) of the Central Bureau of Investigation (CBI) in Ghaziabad. The FIR alleged fraudulent use of bank accounts for cash deposits during the demonetisation period in November and December 2016.
Findings of the ED Investigation
- The ED uncovered that large sums of cash were fraudulently deposited into certain bank accounts during demonetisation.
- Officials of J&K Bank, in criminal conspiracy with private individuals, forged bank records and allowed these transactions to occur.
- The fraudulent cash deposits were layered and moved through multiple suspicious transactions to disguise their origins. These funds were eventually routed to the ultimate beneficiaries under the guise of legitimate business transactions.
The investigation revealed that M/s Shiv Jewellers (owned by Manmohan Agarwal) and M/s JS Jewellers (owned by Mayur Agarwal) were the ultimate beneficiaries of the fraudulently deposited money. To date, the ED has attached their movable assets in the form of fixed deposits worth ₹1.52 crore.
The ED has stated that further investigation into the case is ongoing.
This development highlights continued action against financial irregularities and money laundering during the demonetisation period. The case underscores the ED’s commitment to tracing and recovering illicit funds.
