Court: Satyendar Jain prima facie guilty of laundering, no bail | India News – Times of India


NEW DELHI: A city court on Thursday denied bail to Delhi minister Satyendar Jain and two other accused in a money laundering case, saying the former “has prima facie indulged in the offence of money laundering of more than Rs 1 crore” and is prima facie guilty of misconduct under sections of the Prevention of Corruption Act.
Special judge Vikas Dhull, in his order, said Jain was prima facie “actually involved in concealing the proceeds of crime by giving cash to Kolkata-based entry operators and thereafter, bringing the cash into three companies”.
The court had reserved the order on November 11 and further deferred the decision on Wednesday.
‘Huge loss of public funds must be taken seriously’
Denying bail to Satyendar Jain in a money laundering case, a city court on Thursday said the Delhi minister had “knowingly done such activity to obliterate the tracing of the source of ill-gotten money and accordingly, the proceeds of crime was layered through Kolkata-based entry operators in a way that its source was difficult to decipher”. He has “prima facie indulged in the offence of money laundering of more than Rs 1 crore”, the order said.
The court cited the view of the Supreme Court that “economic offences have deep-rooted conspiracies and involve huge loss of public funds” and therefore need to be “considered as grave offences affecting the economy of the country as a whole and thereby posing serious threat to the financial health of the country”.
“The act of concealing the said proceeds of crime by applicant/accused Satyendar Kumar Jain and other co-accused persons by bringing the amount back into the aforementioned three companies through Kolkata-based entry operators and thereafter, buying back the shares from Kolkata-based entry operators, in the name of co-accused Vaibhav Jain and Ankush Jain, is nothing but money laundering,” the court said.
This was done “with an intention of concealment of proceeds of crime” and prima facie falls within the four corners of the offence of money laundering as defined in the Prevention of Money Laundering Act, said the court.
The court also pointed out that since the Delhi minister had not explained what his source of income was for payment of cash to the Kolkata-based operators to obtain accommodation entries of Rs 4.61 crore, he was prima facie guilty of misconduct under sections of the Prevention of Corruption Act.





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