2 weeks ago
ED Secures 3.5-Year Conviction in LIC Cheque Fraud Case
The Directorate of Enforcement investigated a case involving fake LIC cheques.
The cheques were worth about Rs 54.23 lakh in total.
Investigators said Sameer Joshi received some of the money through bank accounts.
They identified Rs 14,000 as money connected to the crime.
A special court convicted Joshi under the money laundering law.
It sentenced him to three years and six months in prison and fined him Rs 20,000.
The court also ordered that attached property linked to the Rs 14,000 be taken by the Central Government.
A CBI court had already given Joshi a separate sentence for the original offense.
The Special Court, PMLA, Lucknow convicted Sameer Joshi under the Prevention of Money Laundering Act.
Joshi received three years and six months of rigorous imprisonment and a Rs 20,000 fine.
The case involved 29 allegedly fake LIC cheques totaling approximately Rs 54.23 lakh.
The ED identified Rs 14,000 as proceeds of crime attributable to Joshi and attached ancestral property against that amount.
The court ordered confiscation of the attached property, while a CBI court had separately convicted Joshi for the original offense.
- Who
- The Directorate of Enforcement, Sameer Joshi, the Special Court, PMLA, Lucknow, and the CBI court.
- What
- Sameer Joshi was convicted in a money laundering case involving the fraudulent preparation and encashment of 29 fake LIC cheques.
- Where
- The proceedings involved the ED Lucknow Zonal Office and the Special Court, PMLA, Lucknow.
- When
- The Special Court judgment was dated September 15; the property attachment was confirmed on September 6, 2018, and the CBI court verdict was delivered on August 7.
- Why
- The ED said Joshi received and used proceeds from the fraudulent cheque transactions.
Key facts
- Accused
- Sameer Joshi, Accused No. 2
- Money-laundering sentence
- Three years and six months of rigorous imprisonment
- Fine
- Rs 20,000, with an additional six months' imprisonment in default
- Underlying fraud
- 29 fake LIC cheques worth approximately Rs 54.23 lakh
- Proceeds attributed to Joshi
- Rs 14,000
- Property action
- Attached ancestral property ordered confiscated to the Central Government
- Separate CBI sentence
- One year and nine months' imprisonment and a fine
Sources
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