Delhi Court docket Denies Bail To Satyendar Jain In Cash Laundering Case

A Delhi Court docket on Thursday denied bail to Aam Aadmi Get together chief Satyendar Jain in a cash laundering case.

Particular Choose Vikas Dhull of Rouse Avenue Courts pronounced the order. The court docket additionally denied bail to co-accused Ankush Jain and Vaibhav Jain

Senior Advocates N.Hariharan and Rahul Mehra appeared for Jain whereas ASG SV Raju together with Zoheb Hossain represented ED.

The court docket had reserved the order on November 11.

“It has prima facie come on report that applicant/accused Satyendar Kumar Jain was truly concerned in concealing the proceeds of crime by giving money to the Kolkata primarily based entry operators and thereafter, bringing the money into three firms specifically, M/s.Manglayatan Builders/Tasks Pvt.Ltd., M/s. Akinchan Builders Pvt.Ltd. and M/s.Paryas Infosolutions Pvt.Ltd. in opposition to the sale of shares to point out that earnings of those three firms was untainted one,” mentioned the court docket in its order.

The choose mentioned by this course of, the proceeds of crime to the tune of one-third of Rs.4.61 Crore has been laundered.

“Aside from that, applicant/accused Satyendar Kumar Jain has additionally used the identical modus operandi to transform his proceeds of crime of Rs.15,00,000/- by receiving lodging entries from Kolkata primarily based entry operators in his firm by the title of M/s.J.J.Excellent Property Pvt. Ltd,” he added.

The court docket additional mentioned that Jain had knowingly completed such exercise to obliterate the tracing of the supply of ill-gotten cash and accordingly, the proceeds of crime was layered by Kolkata primarily based entry operators in a approach that its supply was troublesome to decipher.

“Therefore, applicant/accused Satyendar Kumar Jain has prima facie indulged within the offence of cash laundering of greater than Rs.1 Crore,” mentioned the court docket.

The Particular Choose additionally noticed that Supreme Court docket of India has held that “the financial offences have deep rooted conspiracies and contain enormous lack of public funds should be considered critically and regarded as grave offences affecting the economic system of the nation as an entire and thereby posing severe risk to the monetary well being of the nation.”

Therefore, applicant/accused Satyendar Kumar Jain just isn’t entitled to the good thing about bail having regard to the dual situations offered in Part 45 of the PMLA. Therefore, utility of applicant/accused Satyendar Kumar Jain is dismissed.”

The court docket additionally mentioned that prima facie money for acquiring lodging entries was offered by Ankush Jain, Vaibhav Jain and Satyendar Kumar Jain.

The particular choose additional mentioned that the money which was offered by Satyender Kumar Jain was proceeds of crime because it was generated by committing a scheduled offence underneath part 13(1)(e) of PC Act.

“Due to this fact, it can’t be mentioned that money offered by applicant/accused Satyendar Kumar Jain was generated by authorized means and therefore, acquiring lodging entries with regard to similar was a mere tax violation. The act of concealing the mentioned proceeds of crime by applicant/accused Satyendar Kumar Jain and different co-accused individuals by bringing the quantity again into the aforementioned three firms by Kolkata primarily based entry operators and thereafter, shopping for again the shares from Kolkata primarily based entry operators, within the title of co-accused Vaibhav Jain and Ankush Jain, is nothing however cash laundering,” the court docket mentioned.

It added that the actual fact that the quantity introduced within the 4 firms was required to be shared by all of the shareholders together with Satyendar Jain and his household confirmed that your entire quantity paid in money for lodging entries was not of co-accused Vaibhav Jain and Ankush Jain however was additionally of Satyendar Jain.

The court docket additionally noticed that Satyendar Jain being not a Director or a shareholder within the three firms or not getting any profit within the type of shares, was of no consequence. It noticed that the half supply of funds which had come within the account of the businesses had been proceeds of crime and that the minister was not directly having fun with the identical by the 2 co-accused.

The choose additional noticed that whether or not Jain was the useful proprietor of the businesses or not or was there any shareholding within the mentioned firms, was not germane for calculating the proceeds of crime or for locating out his involvement within the offence of cash laundering.

The quantity mendacity within the accounts of those three firms was in reality the quantity belonging to the applicant/accused Satyendar Kumar Jain and two different co-accused individuals specifically, Vaibhav Jain and Ankush Jain. The money which was offered by the applicant/accused Satyendar Kumar Jain and different two co- accused individuals was to the tune of Rs.4.61 Crore through the examine interval,” the court docket mentioned.

The case was transferred for listening to earlier than Particular Choose Vikas Dhull after the probe company moved a plea searching for switch of the proceedings which had been earlier pending earlier than Particular Choose Geetanjali Goel.

After the Principal District & Periods Choose Vinay Kumar Gupta allowed ED’s switch utility, Jain challenged the choice within the Delhi Excessive Court docket. Nonetheless, his plea was dismissed in September with the remark that the apprehension of ED was not flimsy or unreasonable.

Jain was arrested by the Enforcement Directorate on Might 30 and is at the moment underneath judicial custody.

In regards to the Case

ED in April this yr had hooked up properties price Rs. 4.81 crore belonging to 5 firms and others within the cash laundering case in opposition to Jain and others. These belongings reportedly had been within the title of Akinchan Builders, Indo Metallic Impex, Paryas Infosolutions, Mangalayatan Tasks and J.J. Excellent Property and so on.

In 2017, the CBI had accused Jain and others of laundering cash to the tune of Rs 11.78 crore throughout 2010-2012 and Rs 4.63 crores throughout 2015-16, when he had develop into a minister in Delhi authorities, by three firms – Paryas Infosolution, Indo Metalimpex, Akinchan Builders and Mangalayatan Tasks.

Jain allegedly had given cash to some Kolkata primarily based entry operators of various shell firms for lodging entries, by his associates. The entry operators had then allegedly re-routed the cash within the type of funding by shares in Jain-linked firms after “layering them by shell firms”.

The ED case, which relies on the CBI FIR, alleges tha Jain signed conveyance deeds for buy of agriculture lands by Prayas Infosolutions in 2011 and 2012. The central company has additional alleged that the land was later transferred to members of the family of Jain’s associates who denied information concerning the transfers.

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