ED arrests one for causing Rs 67-crore loss to SBI
Feb 13, 2022
New Delhi [India], February 13 : The Enforcement Directorate (ED) has arrested Sanjay Agarwal, Managing Partner of Ghanshayamdas Gems & Jewels, under the Prevention of Money Laundering Act (PMLA) in a bank loan fraud case that caused Rs 67 crore loss to SBI, Hyderabad.
As per a press release from ED, the arrest was effected on Friday. The accused was produced before the PMLA Special Court Hyderabad on February 11, 2022, after which he was sent to 15 days of judicial custody.
The ED had initiated the money-laundering investigation on the basis of an FIR registered by CBI, BS&FB, Bangalore under various sections of the Indian Penal Code (IPC). Subsequently, the CBI registered another FIR against Agarwal and others relating to fraudulently removing gold and jewellery hypothecated to Punjab National Bank (PNB) against the gold loan availed by his firm and thereby causing a loss of Rs 31.97 Crore to the PNB.
"The investigation by the ED revealed that Sanjay Agarwal is the Managing Partner in Ghanshyamdas Gems and Jewels which is engaged in wholesale trading of gold. In 2010 and 2011, he fraudulently procured gold bullion from SBI by producing fake & forged bank guarantees and covering letters purportedly issued by PNB and sold the gold bullion in the local market to various jewellers and small traders in cash. The cash so generated was diverted to several other firms floated by Sanjay Agarwal in the name of his wife, brothers and his employees," added the release.
Later, after default on the gold loan happened, SBI found that the BGs & letters were forged. On August 17, 2011, Sanjay Agarwal and his brothers Ajay and Vinay clandestinely removed the entire stock of gold and jewellery kept at their store in Abids, Hyderabad. The stock was already hypothecated to the PNB against gold loan availed by the firm, said the release.
Sanjay Agarwal was already lodged in Kolkata Jail in another ED case related to the diversion of 'duty-free export bound gold' into the domestic market, the release added.
Further investigation is in progress.
