Lucknow, September 16 (Daily Kiran) : The Enforcement Directorate (ED) has successfully convicted Samir Joshi in a money laundering case involving fake checks from the Life Insurance Corporation (LIC). A special court in Lucknow sentenced Joshi to three years and six months of rigorous imprisonment, along with a fine of ₹20,000 under the Prevention of Money Laundering Act (PMLA) of 2002.
On September 15, the court found Joshi guilty under sections 3 and 4 of the PMLA. It also stipulated that if he fails to pay the fine, he will face an additional six months in prison.
The investigation by the ED was initiated based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The case revolves around the creation of 29 fraudulent LIC checks, amounting to approximately ₹54.23 lakh.
Investigators revealed that Joshi utilized various bank accounts to receive funds obtained through this fraudulent activity. He subsequently used the money for multiple purposes, including business operations.
During the probe, the ED identified ₹14,000 as proceeds of crime linked to Joshi. On March 17, 2018, the agency issued a provisional attachment order, seizing assets equivalent to this amount from Joshi’s ancestral property. This seizure was later confirmed by the PMLA’s adjudicating authority on September 6, 2018.
Additionally, a CBI court handling scheduled offenses also convicted Joshi on August 7, 2026, sentencing him to one year and nine months in prison with a fine. The court ordered that both sentences run concurrently.
Alongside his conviction, the special PMLA court ordered the confiscation of assets valued at ₹14,000, equivalent to the proceeds of crime, in favor of the central government. The ED has stated that further investigations are ongoing.
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