LUCKNOW: The Directorate of Enforcement (ED), Lucknow Zonal Office, has secured the conviction of Sameer Joshi, Accused No. 2, in a money laundering case linked to the fraudulent preparation and encashment of fake Life Insurance Corporation (LIC) cheques.The Special Court, PMLA, Lucknow, in its judgment dated September 15, 2026, convicted Joshi under Section 3 read with Section 4 of the Prevention of Money Laundering Act (PMLA), 2002, and sentenced him to three years and six months of rigorous imprisonment, along with a fine of ₹20,000. In case of default in payment of the fine, he will undergo an additional six months’ imprisonment.The case originated from a scheduled offence investigated by the CBI involving the fraudulent preparation and encashment of 29 fake LIC cheques worth ₹54,23,775.According to the ED investigation, Joshi received the proceeds through various bank accounts and subsequently dissipated and utilised the funds for different purposes, including business activities.During the PMLA probe, ₹14,000 was identified as the proceeds of crime attributable to Joshi. The amount was attached against the value of his ancestral property through a Provisional Attachment Order dated March 17, 2018. The attachment was subsequently confirmed by the PMLA Adjudicating Authority on September 6, 2018.The CBI court had earlier convicted Joshi in the scheduled offence on August 7, 2026, sentencing him to one year and nine months’ imprisonment and a fine, with the sentences running concurrently.The Special Court also ordered the confiscation to the Central Government of the property attached against the ₹14,000 proceeds of crime under Section 8(5) of the PMLA.
