The Enforcement Directorate (ED) conducted searches at six premises including one in Gujarat, in relation to a scam unearthed in Navjeevan Credit Society, Jaipur, Rajasthan. The searches yielded incriminating documents and digital devices. Cash worth Rs 62.60 lakh and silver weighing 20 kg was also seized. The special CBI court in Jaipur remanded both accused to ED custody till December 24. ED has arrested Jai Narayan Sharma and Nizamudin in Navjeevan Credit Cooperative Society Scam Case and seized incriminating documents and digital devices during searches on money laundering charges.
ED conducted searches at six premises of Sterling Urban Co-operative Bank Ltd, M/s Ashapura Agro Industries, M/s Western Energetics Private Limited as well as residential premises of Jai Narayan Sharma, the chairman of Sterling Urban Co-operative Bank Ltd, Rawat Singh and Preeti Swami. Of these five premises are in Rajasthan and one in Gujarat.
The searches were carried out under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). ED had initiated investigation into money laundering on the basis of FIR and charge sheet filed by Special Operation Group (SOG), Jaipur, Rajasthan Police.
The Chairman, his aides and relatives availed loans from the society funds fraudulently in the name of entities owned and controlled by them and their close associates. A statement from the ED on December 12 said that Further investigation is underway.
The FIR stated that Navjeevan Credit Co-operative Society opened more than 200 branches in Rajasthan and Gujarat and duped the investors by promising them unrealistic returns on their investment.
