In the FIR, it was alleged that Amar Nath Sahu and other accused has caused loss of Rs. 3.20 Crore (approx.) to the then Allahabad Bank, Jankipuram Branch, Lucknow during 2004-2006 by sanctioning and disbursing loans in connivance with borrowers.
FinTech BizNews Service
Mumbai, July 3, 2025: The Hon’ble Special Court (PMLA), Lucknow, vide order dated 30.06.2025 has convicted Saurabh Sahu, Ashwani Kumar and Smt. Mamta Sinha in a PMLA case filed by Directorate of Enforcement (ED), Lucknow and sentenced them with imprisonment for three years along with fine of Rs. 50,000/- on each accused, as per a press release issued by the ED today.
ED initiated investigation on the basis of FIR registered by CBI, SPE, ACB, Lucknow, UP against Amar Nath Sahu & Ors for violation of sec. 120B, 420, 467, 468 & 471 of IPC, 1860 and 13(2) r/w 13(1)(d) of PC Act, 1988. In the FIR, it was alleged that Amar Nath Sahu and other accused has caused loss of Rs. 3.20 Crore (approx.) to the then Allahabad Bank, Jankipuram Branch, Lucknow during 2004-2006 by sanctioning and disbursing loans in connivance with borrowers.
ED investigation resulted in attachment of Proceeds of Crime (POC) to the tune of Rs. 16,42,248/- in the form of two immovable properties. The conviction order was pronounced on 30.06.2025 in the complaint No. 93/2017 titled ED Vs. Amar Nath Sahu & Others filed by Lucknow Zonal Office on 06.10.2017 arraying Amar Nath Sahu, Saurabh Sahu, Ashwani Kumar and Smt. Mamta Sinha as accused. Trial against Amar Nath Sahu was abated due to his death and rest accused persons have been convicted for the offence of money laundering as defined u/s 3 of PMLA, 2002.
These accused have been sentenced for imprisonment of 3 years and fine of Rs. 50,000/- and additional imprisonment of six month in case of failure to pay the imposed fine. Further, the attached two immovable properties were also held to be involved in money laundering and have been ordered for confiscation in favour of the Central Government.
