Court Orders Confiscation of Rs 14,000 Illicit Assets in LIC Scam

Following the conviction of Samir Joshi in the LIC fake‑cheque money‑laundering case, the Special PMLA court directed that assets equivalent to ₹14,000, identified as proceeds of crime, be confiscated in favour of the central government under Section 8(5) of the PMLA.

The assets were previously earmarked by the Enforcement Directorate on 17 March 2018 after a provisional attachment order. The attachment was later affirmed on 6 September 2018 by the PMLA's decisive authority.

The court’s order complements the three‑year‑six‑month rigorous imprisonment and ₹20,000 fine imposed on Joshi, reinforcing the message that financial frauds involving falsified LIC cheques will attract both custodial and forfeiture penalties.