New Delhi, September 16, 2026 (Yes Punjab News)
The Directorate of Enforcement (ED), Lucknow Zonal Office, has secured the conviction of Sameer Joshi, Accused No. 2, in a money laundering case linked to 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 case of default in payment of the fine, Joshi will have to undergo an additional six months of 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 involving approximately Rs 54.23 lakh.
The investigation under the PMLA found that Joshi received the proceeds through various bank accounts and subsequently dissipated and utilised the funds for different purposes, including business activities.
During its probe, the ED identified Rs 14,000 as proceeds of crime attributable to Joshi. The agency subsequently attached the amount against the value of his ancestral property through Provisional Attachment Order No. 03/2018, dated March 17, 2018.
The attachment was later confirmed by the Adjudicating Authority, PMLA, in Original Complaint No. 924/2018 through an order dated September 6, 2018.
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 Joshi for the original offence in the case. In its verdict delivered on August 7, the CBI court sentenced him to one year and nine months of imprisonment and imposed a fine.
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