The Enforcement Directorate (ED) arrested Jai Narayan Sharma and Nizamudin in the Navjeevan Credit Cooperative Society scam and seized incriminated documents and digital devices during money laundering searches. Cash of Rs 62.60 lakh and cash weighing 20 kg were also seized during the search operation.
One day before the arrest, the Enforcement Branch searched six premises of Sterling Urban Co-operative Bank Ltd., Ashapura Agro Industries, Western Energetics Private Limited; residential premises of Jai Narayan Sharma, President, Sterling Urban Co-operative Bank Ltd., Rawat Singh and Preeti Swami. Five premises searched are located in Rajasthan and one in Gujarat.
The ED had opened an investigation for money laundering on the basis of an FIR and an indictment filed by the Special Operations Group (SOG), Jaipur, Rajasthan police. In the FIR, it was alleged that Navjeevan Credit Cooperative Society, through the president, his associates and relatives, opened more than 200 branches in Rajasthan and Gujarat and fooled investors into promising them returns. on unrealistic investment.
The accused president, his associates and relatives fraudulently used loans from Company funds on behalf of entities owned and controlled by them and their close associates.
Based on the role played in money laundering and in order to uncover the real facts about the generation, acquisition, layering and integration of the proceeds of crime and to corroborate other evidence in the case, ED arrested the two defendants Jai Narayan Sharma and Nizamudin after recording their statements. The CBI Special Judge in Jaipur placed them in pre-trial detention until December 24.