Saurabh Sharma's gold bars, cash asserts seized by ED: Total attachment hits Rs 100.36 crore

BHOPAL: The Bhopal unit of Directorate of Enforcement (ED), has provisionally attached movable and immovable assets worth Rs 92.07 Crore including gold bars and cash related to former transport department constable Saurabh Sharma.
These assets represent the Proceeds of Crime (POC) obtained by Saurabh Sharma, the then Constable in the Transport Department of the Madhya Pradesh Government, either in his own name or in the names of his relatives, associates, and entities (such as firms, companies, or societies) owned or controlled by him.
The attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in relation to the case involving the accumulation of disproportionate assets not accounted for by his known sources of income.
Sharma had been denying ownership of the gold and cash that was recovered from an abandoned car recovered by the Income tax department following a tip off during raids on his house by the Lokayukta’s special police establishment.
The individuals/entities involved include Sharad Jaiswal, Chetan Singh Gaur, M/s Aviral Building Constructions Pvt Ltd, M/s Aviral Enterprises Pvt Ltd, and M/s U R Infrastructures Pvt Ltd, among others.
The Income Tax Department had previously seized cash and gold from an Innova vehicle belonging to Chetan Singh Gaur. The ED’s investigation revealed that the seized cash and gold actually belonged to Saurabh Sharma.
The ED initiated its investigation based on an FIR filed by the Lokayukta’s Special Police Establishment, Bhopal, under sections 13(2) r/w 13(1)(b) of the Prevention of Corruption Act, 1988, against Saurabh Sharma.
The investigation uncovered that Sharma had purchased various movable and immovable properties in the names of his family members, friends, associates, and entities (such as companies, firms, and societies). He did so by arranging unsecured loans from unknown sources and laundering the ill-gotten money derived from his criminal activities relating to scheduled offences.
Earlier, Saurabh Sharma, Chetan Singh Gaur, and Sharad Jaiswal were arrested in the matter and are currently in judicial custody. In addition, searches and seizure actions have been carried out, leading to the freezing of bank accounts with a balance of Rs 8.29 Crore, the seizure of cash amounting to Rs 14.20 Lakh, and silver worth Rs 9.17 Lakh. As of now, the total value of attachment/seizure in this case by the ED stands at Rs 100.36 Crore.
Further investigation is ongoing.