ED arrests managing partner of Hyderabad-based Ghanshyamdas Jewels in Rs 67 crore loan fraud case
India Today
The ED arrested Hyderabad-based Ghanshyamdas Gems and Jewels managing partner Sanjay Agarwal under PMLA in a Rs. 67 crore loan fraud case on Friday.
The Enforcement Directorate has arrested the managing partner of Ghanshyamdas Gems and Jewels, Sanjay Agarwal, in a loan fraud case of Rs 67 crore involving State Bank of India’s Hyderabad branch.
Agrawal was arrested under the Prevention of Money Laundering Act (PMLA) on Friday after a case was registered against him. He was produced before the PMLA Special Court in Hyderabad and remanded to 15 days of judicial custody.
The ED initiated the money-laundering investigation based on an FIR registered by the Central Bureau of India, BS&FB, Bangalore under various sections of the IPC against Agarwal and others.
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Another FIR was filed by the CBI against Agarwal and his firm on allegations of fraudulently removing gold and jewellery hypothecated to Punjab National Bank against a gold loan availed by his firm and thereby causing a loss of Rs 31.97 to the bank.
According to the ED, Agarwal, in 2010 and 2011, fraudulently procured gold bullion from SBI by submitting fake and forged bank guarantees and covering letters purportedly issued by PNB and selling 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. Later, after the default on the gold loan happened, SBI found that the bank guarantees and letters were forged," said ED in a statement.
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CCTV footage of the incident shows the accused seated among several other women and browsing through clothes. Meanwhile, her 5-year-old son discreetly picks up a purse from inside a bag kept behind one of the unsuspecting customers.