New Delhi, Sep 16 (IANS): The Directorate of Enforcement (ED), Lucknow Zonal Office has secured the conviction of Sameer Joshi, Accused No. 2, in a money laundering case arising from the fraudulent preparation and encashment of LIC cheques.
The Special Court, PMLA, Lucknow, in its judgment dated September 15, convicted Joshi under Section 3 read with Section 4 of the Prevention of Money Laundering Act (PMLA), 2002.
The court sentenced him to three years and six months of rigorous imprisonment and imposed a fine of Rs 20,000. In default of payment of the fine, he will have to undergo an additional six months’ imprisonment.
The ED investigation was initiated on the basis of an FIR registered by the CBI concerning the fraudulent preparation and encashment of 29 fake LIC cheques amounting to approximately Rs 54.23 lakh.
The investigation under the PMLA revealed that Joshi received the proceeds through various bank accounts and subsequently dissipated and utilised the money for various purposes, including business activities.
During its investigation, the ED identified Rs 14,000 as proceeds of crime attributable to Joshi. Accordingly, the amount was attached against the value of his ancestral property through Provisional Attachment Order No. 03/2018, dated March 17, 2018.
The attachment was subsequently confirmed by the Adjudicating Authority, PMLA, in Original Complaint No. 924/2018 through an order dated September 6, 2018.
Significantly, while convicting Joshi, the Special Court also directed the confiscation of the property attached against the proceeds of crime of Rs 14,000 to the Central Government under Section 8(5) of the PMLA, 2002.
Meanwhile, the CBI court has already convicted Sameer Joshi for the original offense in this case. In its verdict delivered on August 7, the CBI court sentenced him to one year and nine months’ imprisonment and a fine.
