ED Facilitates Restitution of ₹16 Crore Worth Assets to PNB in Ghanshyamdas Gems Fraud Case
Court / Authority
Supreme Court of India
Update / Judgement Date
29 Jun 2026
Source
WCP News Bulletin
Author
Manas Yadav — WCP Legal Desk
Reading Time
2 min read
View Count
The Directorate of Enforcement, Hyderabad Zonal Office, has successfully completed the restitution of five attached immovable properties to Punjab National Bank in a major bank fraud and money laundering case involving M/s Ghanshyamdas Gems & Jewels and its managing partner Sanjay Agarwal. The properties, attached during the PMLA investigation, were valued at approximately ₹2.55 crore at the time of the FIR in 2011 and have a present market value of about ₹16 crore.
The ED probe was initiated on the basis of an FIR registered by the Central Bureau of Investigation in October 2011, alleging that Sanjay Agarwal fraudulently induced State Bank of India to release 250 kg of gold using forged bank guarantees purportedly issued by PNB. Following the exposure of the fraud, the accused allegedly sold the mortgaged gold stock in cash and diverted the proceeds through multiple firms, family accounts and benami properties.
The investigation also revealed the use of a fake identity and overseas travel for laundering proceeds of crime. ED had earlier arrested Sanjay Agarwal in February 2022 and provisionally attached nine immovable properties. Upon an application filed by PNB under Section 8(8) of the PMLA, the Special PMLA Court at Nampally, Hyderabad, allowed restitution on 19 January 2026, paving the way for restoration of assets to the victim bank.
Full Judgement / Attachment
Full Judgement
Frequently asked questions about Supreme Court of India
- What is the role of the Supreme Court of India?
- The Supreme Court, established on 28 January 1950, is the highest court of appeal in India. Under Article 141 of the Constitution, the law it declares is binding on all courts in India. It also hears writ petitions for enforcement of fundamental rights under Article 32.
- How can I check Supreme Court case status or download a judgement?
- Case status, cause lists, daily orders and judgements are published on the official website, sci.gov.in. Reported judgements are also available free through the Digital SCR (Supreme Court Reports) on the same website.
- What is a Special Leave Petition (SLP) and what is the time limit?
- An SLP under Article 136 asks the Supreme Court for permission to appeal against a judgement or order of any court or tribunal in India. Against a High Court judgement it is ordinarily filed within 90 days. Leave is discretionary, and most SLPs are decided at the admission stage.
- Who can file a case in the Supreme Court?
- Only an Advocate-on-Record, a lawyer who has passed the Supreme Court's AOR examination, can file pleadings in the Supreme Court. A party may appear in person with the Court's permission, but most litigants engage an Advocate-on-Record along with arguing counsel.
- How can White Collar Professional help with a Supreme Court matter?
- Post your requirement on White Collar Professional to receive proposals from verified Advocates, Chartered Accountants and Company Secretaries, compare them, and pay securely through the platform. This page also tracks the latest Supreme Court judgements and legal updates as they are reported.
