ED Attached FD: The action of the Enforcement Directorate (ED) is continuing in the case of money laundering. At the time of demonetization, crores of rupees were deposited in bank accounts in collusion with bank officials. ED has attached an FD of Rs 1.5 crore in the case.
Taking action, ED’s Lucknow unit has attached 2 FDs worth about Rs 1.5 crore of Manmohan Aggarwal and Mayur Aggarwal, owners of MS Shiv Jewelers and MS JS Jewelers, in the money laundering case related to Netar Sabharwal and other bank fraud cases.
How did the investigation into the case begin?
The Enforcement Directorate had started its investigation on the FIR registered by the Ghaziabad unit of CBI. ED’s investigation revealed that during demonetization, some bank accounts were misused in collusion with J&K Bank officials. By conspiring with bank officials, huge amounts of cash were deposited in many bank accounts.
What did ED find out in the investigation?
According to ED, bank officials knowingly allowed huge cash to be deposited in those bank accounts. According to ED, the money was later re-routed to its beneficiary through several suspicious transactions. ED investigation revealed that Manmohan Agarwal and Mayur Agarwal, owners of MS Shiv Jewelers and MS JS Jeweller, were the beneficiaries of this money. The Enforcement Directorate has attached two FDs of these two whose value is around Rs 1.5 crore.
The seized assets include two FDs of Shiv Jewelers owner Manmohan worth around Rs 1.22 crore and property of JS Jewelers owner Mayur Aggarwal worth Rs 30.76 lakh. A case was registered against both of them by the ACB unit of CBI for colluding with bank officials during demonetization and embezzling crores of rupees of money by committing fraud.
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