HYDERABAD
The Enforcement Directorate arrested managing partner of Ghanshayamdas Gems & Jewels Sanjay Agarwal under Prevention of Money Laundering Act in a ₹67 crore fraudulent loan transaction with State Bank of India.
Mr. Agarwal, who has already been in a Kolkata jail in a case related to diversion of ‘duty-free export bound gold’ into domestic market, was arrested and produced before the special court here on Friday, the ED said in a release on Sunday.
According to ED, investigations into money laundering by the jeweller were based on two separate reports registered by the Central Bureau of Investigation. In one case, the accused had fraudulently removed gold and jewellery hypothecated to Punjab National Bank, creating a loss of ₹31.97 crore to it.
In the case pertaining to SBI, ED said it was found that Mr. Agarwal in 2010 and 2011 fraudulently procured gold bullion by producing fake and forged bank guarantees and cover letters purportedly issued by PNB. The gold thus bought was sold to other jewellers and small traders in cash, which was further diverted to other firms owned by his family members.
In 2011, Mr. Agarwal along with his brothers had also removed the entire stock of gold and jewellery kept at their store at Abids. The stock was already hypothecated to PNB against gold loan availed by the firm, it said.
