In the Netar Sabharwal and others bank fraud case, the Directorate of Enforcement (ED), Lucknow Zonal Office, temporarily attached movable assets valued at Rs 1.52 crore in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
Manmohan Agarwal, the proprietor of M/s Shiv Jewellers, has two fixed deposits totaling about Rs 1.22 crore, and Mayur Agarwal, the proprietor of M/s JS Jewellers, has two fixed deposits totaling approximately Rs 30.76 lakh. These properties are attached.
An FIR filed by ACB, CBI Ghaziabad under various sections of IPC, 1860, alleging that bank accounts were fraudulently utilized for cash deposits during the November–December 2016 demonetisation period prompted the ED to launch an inquiry.
According to the ED's research, money was fraudulently put into some bank accounts during the demonetisation period. The inquiry also found that J&K Bank officers and executives engaged in criminal conspiracy with some private individuals, committed forgery by fabricating bank documents for these accounts, and willfully permitted the large cash deposits during the demonetization.
The ED investigation also discovered that money that had been fraudulently deposited in some bank accounts during the demonetisation process had been layered and routed several times in a sequence of suspicious transactions before being sent to the final recipient under the guise of legitimate business dealings.
According to the ED's research, money was fraudulently put into some bank accounts during the demonetisation period. The inquiry also found that J&K Bank officers and executives engaged in criminal conspiracy with some private individuals, committed forgery by fabricating bank documents for these accounts, and willfully permitted the large cash deposits during the demonetization.
The ED investigation also discovered that money that had been fraudulently deposited in some bank accounts during the demonetisation process had been layered and routed several times in a sequence of suspicious transactions before being sent to the final recipient under the guise of legitimate business dealings. According to the ED's probe, M/s Shiv Jewellers (owned by Manmohan Agarwal) and M/s JS Jewellers (owned by Mayur Agarwal) were the most
