Duty-free gold case absconder held by ED while attending wedding in Lonavala

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The ED has arrested an absconding accused wanted in a money laundering case linked to smuggling and "diversion" of duty-free gold imported by agencies like the Metals and Minerals Trading Corporation (MMTC) and some others.

Sanjay Agarwal, the agency said in a statement on Monday, was arrested on Sunday from Aamby Valley in Maharashtra's Lonavala while he was attending a wedding there.

He had been on the run for more than six months after a special Prevention of Money Laundering Act (PMLA) court in Kolkata issued a non-bailable warrant (NBW) against him in April in connection with this case, the Enforcement Directorate (ED) said.

Even his anticipatory bail application was rejected by the Calcutta High Court earlier this month, it said.

After his arrest, Agarwal was produced before the same special PMLA court which sent him to seven days of ED custody.

"Agarwal is involved in smuggling and diversion of duty-free gold, imported through nominated agencies like MMTC and Diamond India Limited."

"Such imported gold was originally meant for export purposes," the ED said.

It alleged that the "smuggled" gold was "diverted" by Agarwal along with his associates in the domestic territory and sold illegally to generate proceeds of crime which were then laundered and projected as untainted property and used for purchasing immovable properties in the name of others.

The money laundering case was filed against Agarwal and others after taking cognisance of an investigation conducted by the Directorate of Revenue Intelligence (DRI).

The ED had earlier arrested a person called Preet Kumar Agarwal in this case and filed a charge sheet before the special PMLA court in Kolkata.

It had attached 54 kg gold and three immovable properties worth more than Rs 25 crore while bank deposits of Rs 56 lakh were taken possession by it under the provisions of the PMLA.

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