In a significant legal development, the Honorable Special Court, PMLA, Lucknow, has pronounced Abhishek Srivastava guilty of bank fraud against the Central Bank of India and Allahabad Bank. The conviction stems from Srivastava obtaining a loan through a forged “Kisan Vikas Patra,” a violation under the provisions of PMLA, 2002. The court, in a decisive move, has not only found Srivastava culpable but also issued an order for the confiscation of properties previously attached by the Enforcement Directorate (ED).
The ED’s investigation was initiated based on four FIRs filed by the CBI, Lucknow, against four individuals under various sections of the Indian Penal Code, 1860. These FIRs unveiled a complex web of criminal conspiracy involving postal workers. Srivastava, a key figure in this conspiracy, defrauded banks to the tune of ₹2.87 crore by utilizing fictitious identities and addresses to secure loans against fraudulent “Kisan Vikas Patra.”
Earlier actions by the ED, on March 17, 2018, involved the attachment of proceeds of crime, including flats, stores, homes, and agricultural property valued at ₹2.87 crore, under Section 5 of the PMLA. Subsequently, on April 11, 2018, a complaint was filed under Section 45 of the PMLA, setting the stage for legal proceedings.
During the trial, Abhishek Srivastava entered a guilty plea, admitting his involvement in the fraudulent activities. The Hon’ble Special Court, PMLA, handed down a stringent sentence, remanding Srivastava to District Jail in Lucknow for three years of harsh imprisonment. Additionally, he was levied with a fine of ₹1,00,000/-. The court further ruled in favour of seizing the properties attached to PMLA rules. Notably, the legal proceedings continue with an ongoing trial involving other accused parties, underscoring the commitment to justice in complex financial fraud cases.
