New Delhi: The Enforcement Directorate (ED) on Sunday said it has arrested a managing partner of a Hyderabad-based gems and jewellery firm in a money laundering case linked to an alleged bank loan fraud of Rs 67 crore.
Sanjay Agarwal was produced before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad on February 11 and the court remanded him to 15 days of judicial custody.
Agarwal is a managing partner in Ghanshyamdas gems and jewels, Hyderabad which is engaged is wholesale trading of gold.
He was already lodged in a Kolkata jail after the ED had arrested him in an another money laundering case linked to alleged diversion of duty-free export bound gold in the domestic market. The latest case, the agency said in a statement, is related to a "loan fraud case in which the State Bank of India (SBI), Hyderabad, suffered a loss of Rs 67 crore."