pmla: ED arrests Hyderabad jeweler Sanjay Agarwal under PMLA in loan fraud case | India News – India Times

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NEW DELHI: Directorate of Execution arrested on Sunday Sanjay Agarwalthe managing partner of Ghanshayamdas Gems and Jewels in a loan fraud case, the agency reported.
Agarwal was arrested under the Prevention of Money Laundering Act (PMLA) 2002 on Friday in a case where Hyderabad State Bank of India (SBI) suffered a loss of Rs 67 Crore, the official said.
On Twitter, ED wrote: “The agency arrested Sanjay Agarwalmanaging partner of Ghanshayamdas Gems and Jewels, under PMLA, 2002 on Friday in a loan fraud case in which SBI, Hyderabad suffered a loss of Rs 67 crore.”
“The court has remanded the accused to 15 days of judicial custody,” ED further tweeted.
ED launched a money laundering investigation on the basis of FIRs registered by CBI, BS&FB, Bangalore in various sections of IPC. Subsequently, CBI registered another FIR against Sanjay Agarwal and others related to the fraudulent extraction of gold and jewelry mortgaged to GNP against the gold loan used by his company and thus caused a loss of Rs 31.97 crore to GNP.
ED’s investigation revealed that in 2010 and 2011, Agarwal fraudulently acquired gold bullion from SBI by producing false and forged bank guarantees and cover letters purportedly issued by PNB and sold the gold bullion on the local market to several jewelers and small cash dealers.
The cash thus generated was diverted to various other companies launched by Sanjay Agarwal on behalf of his wife, siblings and employees. Later, after the gold loan default occurred, SBI discovered that the BGs and letters were forged. On August 12, 2011, Agarwal and his brothers Ajay and Vinay smuggled out all the gold and jewelery stock kept in his shop in Abids, Hyderabad. The stock was already mortgaged to GNP against the gold loan used by the firm.
Sanjay Agarwal was already housed in Kolkata jail in another ED case related to the diversion of ‘duty free export bound gold’ to the domestic market. He was brought before the PMLA Special Court in Hyderabad on November 2, 2022 with a production order and the court has remanded Sanjay Agarwal to 15 days judicial custody.
An additional investigation is underway, the agency said.

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