NEW DELHI: A municipal court on Thursday denied bail for Delhi minister Satyendar Jainism and two other defendants in a money laundering case, saying that the former “has been guilty of laundering more than Rs 1 billion” and is accused of misconduct under sections of the Anti-Corruption Act.
Special Judge Vikas Dhull, on his order, said Jain at first glance “was actually involved in concealing the proceeds of crime by giving cash to immigration operators based in Kolkata and then there, put cash in three companies”.
The court reserved the order on November 11 and further adjourned the decision on Wednesday.
‘Large loss of public funds must be taken seriously’
Refusing to bail Satyendar Jain in a money-laundering case, a municipal court on Thursday said the Delhi minister had “intentionally carried out such activity to obliterate the traceability of illicit funds”. and accordingly, the proceeds of crime were transferred to Kolkata- based on input operators in such a way that its origin is difficult to decipher”. The order said he was “committed to laundering more than Rs 1 billion crore”.
The court cited the views of Supreme Court that “economic crimes are deeply conspiratorial and involve the loss of large amounts of public funds” and should therefore be “considered as serious offenses affecting the entire the country’s economy and thus pose a serious threat to the country’s financial health”.
“The act of concealing the aforementioned criminal proceeds by the applicant/defendant Satyendar Kumar Jain and other accomplices by giving the funds back to the three aforementioned companies through the based entry operators. based in Kolkata and subsequently, acquiring shares from Kolkata-based companies of entry operators, in the name of Vaibhav Jain and Ankush Jain, is nothing more than money laundering,” the court said. .
The court said this was done “with the aim of concealing proceeds of crime” and at first glance fell into the four corners of money laundering as defined in the Prevention of Money Laundering Act, the court said. know.
The court also pointed out that because the Delhi minister did not explain what his source of income was in cash payments to the Kolkata-based operators for accommodation entries worth Rs 4.61 crore, he was charged with misconduct under sections of Prevention. of the Corruption Act.
Special Judge Vikas Dhull, on his order, said Jain at first glance “was actually involved in concealing the proceeds of crime by giving cash to immigration operators based in Kolkata and then there, put cash in three companies”.
The court reserved the order on November 11 and further adjourned the decision on Wednesday.
‘Large loss of public funds must be taken seriously’
Refusing to bail Satyendar Jain in a money-laundering case, a municipal court on Thursday said the Delhi minister had “intentionally carried out such activity to obliterate the traceability of illicit funds”. and accordingly, the proceeds of crime were transferred to Kolkata- based on input operators in such a way that its origin is difficult to decipher”. The order said he was “committed to laundering more than Rs 1 billion crore”.
The court cited the views of Supreme Court that “economic crimes are deeply conspiratorial and involve the loss of large amounts of public funds” and should therefore be “considered as serious offenses affecting the entire the country’s economy and thus pose a serious threat to the country’s financial health”.
“The act of concealing the aforementioned criminal proceeds by the applicant/defendant Satyendar Kumar Jain and other accomplices by giving the funds back to the three aforementioned companies through the based entry operators. based in Kolkata and subsequently, acquiring shares from Kolkata-based companies of entry operators, in the name of Vaibhav Jain and Ankush Jain, is nothing more than money laundering,” the court said. .
The court said this was done “with the aim of concealing proceeds of crime” and at first glance fell into the four corners of money laundering as defined in the Prevention of Money Laundering Act, the court said. know.
The court also pointed out that because the Delhi minister did not explain what his source of income was in cash payments to the Kolkata-based operators for accommodation entries worth Rs 4.61 crore, he was charged with misconduct under sections of Prevention. of the Corruption Act.
