ED arrested two person for a Bank Fraud of Rs. 2.87 Crore

A Special Court in Lucknow has convicted two accused persons named Vishal Sharma aka Shivash Pathak and Naim Khan aka R K Mishra for the offence of money laundering involving fraud committed by them on two different banks i.e. Central Bank of India and Allahabad Bank by obtaining loan against forged through “Kisan Vikas Patra” certificates. They got these certificates from the Post office by using Fake IDs and Addresses.

The accused have been sentenced to three years of Rigorous Imprisonment and a fine of Rs. 50,000 have been imposed for the fraud committed by them under section 3 read with section 4 of the Prevention of Money Laundering Act (PMLA) on October 27, 2023, and were sent to the District Jail, Lucknow.

ED initiated a probe on the basis of 4 FIRs registered by CBI, Lucknow under various sections of IPC, 1860 against several persons including the above two accused.

In FIR, it was claimed that these two accused pair in criminal conspiracy with other accused persons including postal employees cheated the Central Bank of India and Allahabad Bank to the tune of Rs.2.87 Crore by obtaining a loan against the forged “Kisan Vikas Patra”.

During the investigation under PMLA, this crime included five immovable properties viz. Flats, shops, residential houses, and agricultural land worth Rs. 2.87 Crore were seized on March 17, 2018.

The Prosecution Complaint was filed under section 45 of PMLA against 4 persons including the convicted accused persons Vishal Sharma aka Shivash Pathak and Naim Khan aka R K Mishra on April 11, 2018.

At the time of trial, they confessed that they were guilty of money laundering. Concluding their pleadings, Special Judge Sh. Ajay Vikram Singh, HJS sentenced the accused persons to three years of rigorous imprisonment with a fine of Rs. 50,000 under sections 3 and 4 of PMLA on October 27, 2023, and sent them to District Jail, Lucknow.

A trial against other accused persons is also happening.