New Delhi, September 16 (Daily Kiran) : The Enforcement Directorate (ED) has achieved a significant victory in New Delhi, securing a conviction against Sameer Joshi in a money laundering case connected to fraudulent LIC checks. On September 15, a special court in Lucknow found Joshi guilty under sections 3 and 4 of the Prevention of Money Laundering Act (PMLA), 2002.
The court sentenced him to three years and six months in prison, along with a fine of ₹20,000. Failure to pay the fine would result in an additional six months of imprisonment. The investigation by the ED was initiated based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), which detailed a scheme involving the creation and cashing of 29 fake LIC checks totaling approximately ₹54.23 lakh.
The ED’s inquiry revealed that Joshi received these funds through various bank accounts. He subsequently utilized the money for business and other activities. During the investigation, the ED identified ₹14,000 linked to the crime, which was subsequently seized under a provisional attachment order issued on March 17, 2018.
This attachment was later confirmed by the PMLA Adjudicating Authority on September 6, 2018. Notably, the special court also directed the seizure of assets equivalent to the ₹14,000 obtained from the crime in favor of the central government under section 8(5) of the PMLA.
Additionally, the CBI court had already convicted Joshi for the original offense, sentencing him to one year and nine months in prison along with a fine on August 7.
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