Sanjay Agarwal, the managing partner of Ghanshyamdas Gems & Jewels, was detained by the Enforcement Directorate in a Rs 67 crore loan fraud case involving the State Bank of India's Hyderabad branch.
After a complaint was filed against him, Agrawal was arrested on Friday under the Prevention of Money Laundering Act (PMLA). He was taken into jail and remanded for 15 days by the PMLA Special Court in Hyderabad.
The ED launched the money-laundering probe after the Central Bureau of India, BS&FB, Bangalore filed a FIR against Agarwal and others under various sections of the IPC.
The CBI has filed another FIR against Agarwal and his firm, alleging that they fraudulently removed gold and jewellery hypothecated to Punjab National Bank against a gold loan taken out by his firm, causing the bank to lose Rs 31.97.
According to the ED, Agarwal obtained gold bullion from SBI fraudulently in 2010 and 2011 by submitting phoney and counterfeit bank guarantees and covering letters ostensibly issued by PNB and selling the gold bullion in cash in the local market to numerous jewellers and small dealers.
"The money was routed to a number of other companies set up by Sanjay Agarwal in the names of his wife, brothers, and employees." "After the gold loan defaulted, SBI discovered that the bank guarantees and letters were fake," ED stated in a statement.
According to the financial investigation agency, on August 17, 2011, Agarwal and his brothers Ajay and Vinay secretly withdrew all of the gold and jewellery from their store in Abids, Hyderabad.
"The stock had already been hypothecated to the PNB against the firm's gold loan," the ED added.
Agarwal was already imprisoned in Kolkata for allegedly smuggling 'duty-free export bound gold' into the domestic market in another ED investigation.
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