Lucknow Money Laundering Verdict: Penalties and Confiscations

A special PMLA court in Lucknow convicted three individuals for money laundering linked to a bank loan fraud of over Rs 3 crore. Assets worth Rs 16 lakh were ordered for confiscation. The convictions come after an extensive ED investigation following a 2006 CBI FIR against the late Amarnath Sahu.

A special court in Lucknow has delivered its verdict in a money laundering case, convicting three individuals linked to a bank loan fraud exceeding Rs 3 crore. The court, presided over by Judge Rahul Prakash, ordered the confiscation of assets valued at Rs 16 lakh, attached by the Enforcement Directorate (ED) during their probe.

This conviction follows a detailed investigation by the ED under the Prevention of Money Laundering Act (PMLA), originating from a 2006 CBI FIR against Amarnath Sahu and others. Sahu, a former bank manager, was implicated for disbursing loans based on fabricated documents, resulting in significant financial losses.

While the court sentenced Saurabh Sahu, Ashwani Kumar, and Mamta Sinha to three years' imprisonment each, proceedings against Amarnath Sahu were abated due to his death. Additionally, Mamta Sinha's properties worth over Rs 16 lakh were confiscated as part of the court's orders.

(With inputs from agencies.)