ED Files Prosecution Against Prisha Pearls, Directors, and Associated Entities for Rs. 7.66 Crore Fraud under PMLA
(Judicial Quest News Network)
Hyderabad,4th March, 2025. The Directorate of Enforcement (ED), Hyderabad Zonal Office, has filed a Prosecution Complaint (PC) before the Hon’ble Special Court (PMLA), Hyderabad, against M/s Prisha Pearls (India) Pvt. Ltd., its Directors Nilesh Kumar Agarwal and Sailesh Kumar Agarwal, M/s Ganshyamdas Jewellers, M/s Agravanshi Agro Farms LLP, and Gajanand Agarwal, under the Prevention of Money Laundering Act (PMLA), 2002. The court took cognizance of the complaint on 1st March 2025.
The investigation, initiated by ED based on an FIR lodged by CBI’s ACB, Hyderabad, against officials of Humayun Nagar Sub-Post Office and others, revealed a criminal conspiracy involving M/s Prisha Pearls Pvt. Ltd. The CBI had previously filed a charge sheet against the company and its directors, accusing them of fraudulently booking excess articles under Value Payable Letter (VPL) and Value Payable Post (VPP), causing a loss of Rs. 7.66 crore to the Postal Department.
The case involves M/s Prisha Pearls Pvt. Ltd. purchasing two Remotely Managed Franking Machines to bypass the use of postal stamps. These machines printed “Franking Impression Slips” for bulk mailers, which were used to track dispatched items. However, discrepancies arose when the Postal Department noticed a difference between the dispatched articles and the franking impressions. It was revealed that M/s Prisha Pearls created fake Franking Impression Slips without actual payment for postage.
Further investigation by ED revealed that the company and its directors under-reported sales to cover up the fraud and deposited the ill-gotten proceeds into personal bank accounts of the directors and their family members. These funds were then laundered through multiple banking transactions and integrated into their family business.
ED had earlier attached Rs. 4.36 crore in bank balances linked to the directors and related entities of M/s Prisha Pearls Pvt. Ltd. as part of its ongoing probe.
