New Delhi: The Directorate of Enforcement (ED) on Sunday said that it has captured Hyderabad’s gem and jewelry management partners in the money laundering case associated with the alleged fraudulent bank loan RS 67 Crore.
Sanjay Agarwal was produced before the special prevention of the money laundering law (PMLA) in Hyderabad on February 11 and the court stopped it up to 15 days of justice.
Agarwal is a manager partner in Ghanshyamdas Gems and Jewels, Hyderabad which moves is wholesale gold trade.
He had lodged in Kolkata prison after Ed had arrested him in other money laundering cases related to the alleged transfer of gold bound to duty-free in the domestic market.
The last case, the agency said in a statement, related to the “loan fraud case where the Indian state bank (SBI), Hyderabad, suffered a loss of Rs 67 Crore.” The probe found that “in 2010-2011, Agarwal cheatedly bought golden batteries from SBI by producing fake and false bank guarantees and covering letters that are said to be issued by PNB and sell Bullion gold in the local market and small traders in cash.” The “diverted cash” to several other companies floated by Agarwal on behalf of his wife, the brothers and employees, it was suspected.
“Later, after default on a gold loan occurred, SBI found that bank guarantees and forged letters, Hyderabad,” said Ed.
Stock has been hypothed into PNB on gold loans available by the company, he said.
The CBI has also ordered Agarwal and the others for “cheating to remove gold and jewelry hypothed by PNB on the gold loans available by the company and thus causing a loss of Rs 31.97 Crore to the Punjab National Bank.”