Money Laundering Case Archives - Lokmarg

SC Extends Jain’s Interim Bail

By LokMarg 8th January 2024

The Supreme Court on Monday extended the interim bail given to AAP leader Satyendar Jain until further orders in a money laundering case.

A bench of Justice Bela M. Trivedi and Justice Satish Chandra Sharma deferred that matter after Senior Advocate Abhishek Manu Singhvi, appearing for Jain, argued at length and later requested an adjournment. The matter will be listed tomorrow.

Senior Advocate Abhishek Manu Singhvi, appearing for Satyendar Jain, took the court through the genesis of the case against his client.

Senior Advocate Singhvi told the court that Jain has cooperated in the matter and there is no predicate offence made against the former minister.

The lawyer said that according to the law, assets of a company can never be attributed to a shareholder or director and he asked how money can be attributed to Jain, which lies in the company.

Additional Solicitor General, SV Raju, appeared for the probe agency.

Meanwhile, the hearing on Jain’s bail witnessed many twists and turns today as Chief Justice of India DY Chandrachud explained why the matter was listed before a different combination of benches as there was a matter relating to the extension of bail. CJI also mentioned the communication received from Justice AS Bopanna to take up part-heard matters from him because he will not be able to hear the matter due to medical reasons.

Earlier, Jain’s bail plea was partly heard by a bench of Justices AS Bopanna and Bela M. Trivedi. Today, the matter is listed before a bench of Justice Trivedi and Justice Satish Chandra Sharma.

Jain underwent surgery on July 21. The interim bail given to Jain on medical grounds is extended from time to time.

On May 26, the top court granted interim bail to Satyendar Jain for six weeks in the money laundering case but imposed various conditions, including refusing to talk with the media nor leaving Delhi without permission.

The top court had also given Jain the right to choose any hospital of his choice for his medical treatment. The top court had made it clear that interim bail is considered in medical conditions.

Satyendar Jain has moved to the top court seeking bail in money laundering cases. He has challenged the Delhi High Court order dismissing his bail plea in the money laundering case against him.

Satyendar Jain’s lawyer had told the top court that he had lost 35 kg and turned into a skeleton due to this.

Former Delhi minister Satyendar Jain has moved the Supreme Court to challenge the Delhi High Court order dismissing his bail plea in the money laundering case against him.

On April 6, the Delhi High Court dismissed the bail plea of Satyendar Jain. The HC, while dismissing the Satyendar Jain bail plea, stated that the applicant is an influential person and has the potential to tamper with evidence. Satyender Jain/applicant, at this stage, can’t be held to clear the twin conditions of the Prevention of Money Laundering Act (PMLA).

The HC had kept the order reserved for March 21 after the conclusion of the submissions made by the defence and prosecution sides after multiple hearings. During arguments in the High Court, Additional Solicitor General (ASG) SV Raju appeared for the Enforcement Directorate, contented that money laundering is crystal clear against Jain and other co-accused. In his bail plea, Jain stated, “I appeared before the ED on seven occasions. I have cooperated and participated in the investigation. I was arrested five years down the line in 2022.”

On November 17, 2022, the trial court dismissed the bail petition of Satyendar Jain. He was arrested on May 30, 2022, under sections of the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate and is presently in Judicial Custody in the case.

The ED case is based on a Central Bureau of Investigation (CBI) complaint registered on the allegation that Satyendar Jain had acquired movable properties in the name of various persons from February 14, 2015, to May 31, 2017, which he could not satisfactorily account for. (ANI)

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Amanatullah’s Properties Searched In PMLA Case

By LokMarg 11th October 2023

The Directorate of Enforcement (ED) has conducted search operations at 13 locations in Delhi linked to Aam Aadmi Party legislator Amanatullah Khan, and his associates under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).

The searches were conducted on Tuesday in the case related to the illegal recruitment of staff in the Delhi Wakf Board and illegal personal gains by way of unfairly leasing out its properties during the chairmanship by Amanatullah Khan during 2018-2022, ED said in a press release.

ED initiated an investigation on the basis of an FIR registered by the CBI under various sections of the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860.

“Further three (03) more FIRs registered by Delhi Police are under investigation by ED as the role of Amanatullah Khan and his associates came into light,” the ED said.

ED alleged that its investigation revealed that Amanatullah Khan has acquired “huge” proceeds of crime out of the said criminal activities in cash and this cash amount was invested in the purchase of various immovable properties in Delhi in the name of his associates.

During the search proceedings at these premises, ED alleged that several incriminating records and evidence in the form of physical and digital evidence had been seized which indicate the role of AAP MLA Amanatullah Khan, in the offence of money laundering.

Earlier Delhi Chief Minister Arvind Kejriwal challenged PM Narendra Modi to prove that AAP leaders were involved in any scams.

“The raid on Amanatullah yesterday is a part of Modi ji’s plan to end AAP. Kejriwal has committed a bus scam, road scam and electricity scam, I am challenging Modi ji to show proof. All these investigations that are going on are fake and their purpose is not to end corruption. Their aim is only to harass the opposition. Modi ji has become very arrogant. When the king of a country becomes so arrogant, then how can that country progress?” said Kejriwal.

Speaking on the raids on his residence, AAP MLA Amanatullah Khan said that the ED didn’t show any FIR on the basis of which the raids were conducted.

“They did not show me any FIR copy, they just said that we have come to search the house in a 2016 case in which I am already out on bail. They were at my house for 12 hours. My mother has breathing problems and was given a nebulizer 3-4 times. Everyone was troubled but these people did not agree,” Amanatullah Khan said.

The raids at the premises of AAP MLA Amanatullah Khan came close on the heels of the arrest of fellow AAP leader and Rajya Sabha MP Sanjay Singh in connection with the Delhi excise policy ‘scam’. (ANI)

ED Seizes ₹417 Crore From Online Betting Site Mahadev

By LokMarg 15th September 2023

The Enforcement Directorate has conducted searches against the money laundering networks linked with Mahadev APP in cities like Kolkata, Bhopal, Mumbai and retrieved incriminating evidences, besides seizing proceeds of crime worth Rs 417 crore.

Mahadev online betting APP is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new Users, create User IDs and laundering of money through a layered web of benami bank accounts, the ED said in a statement.

ED investigation into the matter has revealed that Sourabh Chandrakar and Ravi Uppal who hail from Bhilai, Chhattisgarh, are the main promoters of Mahadev and are running their operations from Dubai.

“Large scale hawala operations are done to siphon off the proceeds of betting to off-shore accounts. Large expenditure in cash is also being done in India for advertising of betting websites and self-grandizement necessary to attract new Users and franchise (panel) seekers,” ED noted.

The ED had earlier conducted searches in Chhattisgarh and arrested four accused including the chief liaisoner of this betting syndicate which was organizing payment of the bribes to senior government functionaries as ‘protection money’.

Till date, ED has conducted searches at 39 locations across Raipur, Bhopal, Mumbai and Kolkata and has seized illegal assets worth Rs 417 crore.

The ED has now taken up an investigation abroad. PMLA Special Court at Raipur has also issued NBWs (non-bailable warrants) against absconding suspects. (ANI)

SC Extends Interim Bail To Jain On Medical Ground

By LokMarg 10th July 2023

The Supreme Court on Monday extended interim bail given to former Delhi Minister Satyendar Jain on medical ground till further orders.

A bench of Justice AS Bopanna and Justice MM Sundresh extended the interim bail granted to Jain and adjourned the matter till July 24.
Senior Advocate AM Singhvi appearing for Jain, apprised the top court that three hospitals, GB Pant, Appollo, and Max have recommended surgery.

Additional Solicitor General SV Raju, appearing for Enforcement Directorate, urged the top court to ask Jain to undergo medical checkup at AIIMS for independent evaluation as he raised doubt on the report by three hospitals.

The court noted that two medical reports have been brought on record and one more is to be brought on record and asked it to bring on record and furnish the copy to ASG.

On May 26, the top court granted interim bail to Satyendar Jain for six weeks in money laundering case but imposed various conditions including neither to talk with media and nor to live Delhi without permission.

The top court had also given Jain to choose any hospital of his choice for his medical treatment. The top court had made it clear that interim bail is considered on medical conditions.

Satyendar Jain has moved the top court seeking bail in money laundering case. He has challenged Delhi High Court order dismissing his bail plea in the money laundering case against him.

Satyendar Jain lawyer had told the top court that he has lost 35 kg and turned skeleton due to this.

Former Delhi minister Satyendar Jain has moved Supreme Court challenging Delhi High Court order dismissing his bail plea in the money laundering case against him.

On April 6, the Delhi High Court dismissed the bail plea of Satyendar Jain. The HC while dismissed the Satyendar Jain bail plea stated that applicant is an influential person and has the potential of tampering with evidence. Satyender Jain/applicant, at this stage, can’t be held to clear the twin conditions of Prevention of Money Laundering Act (PMLA).

The HC had kept the order reserved on March 21 after the conclusion of the submissions made by the defence and prosecution sides after multiple hearings.

During arguments in High Court, Additional Solicitor General (ASG) SV Raju appeared for Enforcement Directorate contented that money laundering is crystal clear against Jain and other co-accused.

In his bail plea, Jain stated, “I appeared before ED on 7 occasions. I have cooperated and participated in the investigation. I was arrested 5 years down the line in 2022.”

On November 17, 2022, the trial court dismissed the bail petition of Satyendar Jain. He was arrested on May 30, 2022, under sections of the Prevention of Money Laundering Act (PMLA) by Enforcement Directorate and is presently in Judicial Custody in the case.

The ED case is based on a Central Bureau of Investigation (CBI) complaint registered on the allegation that Satyender Jain had acquired movable properties in the name of various persons from February 14, 2015, to May 31, 2017, which he could not satisfactorily account for. (ANI)

SC Grants Interim Bail To Jain On Medical Grounds

By LokMarg 26th May 2023

The Supreme Court on Friday granted interim bail to former Delhi minister and Aam Aadmi Party (AAP) leader Satyendar Jain for six weeks in a money laundering case.

The court also imposed various conditions including neither talking with the media nor leaving Delhi without permission.
A bench of Justices JK Maheshwari and PS Narasimha granted interim bail to Jain till July 11 and directed him not to influence witnesses in the matter.

The SC directed that all relevant papers of treatment be produced before this court. The top court said that the order will remain in operation till July 11 and listed the matter for July 10 for further hearing.

The top court also gave Jain to choose any hospital of his choice for his medical treatment. The top court made it clear that interim bail is considered on medical conditions.

Senior Advocate AM Singhvi, appearing for Jain, said that they are seeking bail due to health reasons.

ASG SV Raju, appearing for the Enforcement Directorate (ED) sought Jain to be examined by a panel of doctors either by AIIMS or Ram Manohar Lohia Hospital. He also informed the SC that he was the Health Minister and that government hospitals were under him.

Last week, the top court asked ED to file a reply on Satyendar Jain’s plea seeking bail in a money laundering case and also granted liberty to Jain to move vacation bench of the top court for an early hearing on his plea challenging Delhi High Court order dismissing his bail plea in the money laundering case against him.

Jain’s lawyer had told the top court that he has lost 35 kg and turned skeleton due to this.

Former Delhi minister Satyendar Jain had moved Supreme Court challenging the Delhi High Court order dismissing his bail plea in the money laundering case against him.

On April 6, the Delhi High Court dismissed the bail plea of Satyendra Jain. The HC while dismissing Satyendar Jain’s bail plea stated that the applicant is an influential person and has the potential of tampering with evidence. Satyender Jain/applicant, at this stage, can’t be held to clear the twin conditions of the Prevention of Money Laundering Act (PMLA)

The HC had kept the order reserved on March 21 after the conclusion of the submissions made by the defence and prosecution sides after multiple hearings.

During arguments in High Court, Additional Solicitor General (ASG) SV Raju appeared for Enforcement Directorate contented that money laundering is crystal clear against Jain and other co-accused.

In his bail plea, Jain stated, “I appeared before ED on 7 occasions. I have cooperated and participated in the investigation. I was arrested 5 years down the line in 2022.”

On November 17, 2022, the trial court dismissed the bail petition of Satyendar Jain. He was arrested on May 30, 2022, under sections of the Prevention of Money Laundering Act (PMLA) by Enforcement Directorate and is presently in Judicial Custody in the case.

Videocon Chairman Venugopal Arrested In ICICI Bank Money Laundering Case

By LokMarg 26th December 2022

The Central Bureau of Investigation (CBI) on Monday arrested Videocon chairman Venugopal Dhoot, co-accused in the ICICI bank money laundering case.

Dhoot has been arrested in Mumbai. He was also questioned by the CBI, a few days back.
On December 23, CBI arrested Chanda Kochhar and Deepak Kochhar. The couple is scheduled to remain in CBI custody till today (December 26).

CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and receive ill-gotten money.

CBI had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs 40,000 crore loan made by a consortium of lenders to the Videocon Group.

The agency had registered a case against Chanda, her husband, and Venugopal Dhoot, along with their companies viz NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited.

During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe.

The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank.

The agency on Friday arrested former Managing Director (MD) and Chief Executive Officer (CEO) of the ICICI bank Chanda Kochhar and her husband Deepak Kochhar in connection with the alleged ICICI Bank-Videocon money laundering case. (ANI)

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Nirav Modi Loses Bid Against Extradition In UK Supreme Court

By LokMarg 15th December 2022

The UK Supreme Court on Thursday denied fugitive diamantaire Nirav Modi’s plea against his extradition to India.

Modi lost the bid to take his fight against extradition to India on charges of fraud and money laundering to the UK’s Supreme Court.

“The appellant’s application for permission to appeal to the Supreme Court is refused,” Lord Justice Stuart Smith said in his statement.

The diamantaire, who fled India in 2018 before details of his alleged involvement in large-scale fraud at the Punjab National Bank became public, has argued there is a high risk of suicide if he is extradited.

In November, Nirav Modi filed an application before the UK High Court for permission to appeal against his extradition to India in the UK Supreme Court. He lost the appeal on Thursday to take his fight against extradition to the UK Supreme Court.

Nirav Modi reportedly filed an application in the High Court in London, seeking permission to appeal against his extradition order, two weeks after a UK court dismissed his plea against extradition back to India.

On November 9, Nirav Modi lost his appeal against extradition to India with a United Kingdom court dismissing his plea. Earlier, the High Court of London (United Kingdom) dismissed the appeal of Nirav Modi, who is wanted in India to face money laundering and fraud cases.

The Ministry of External Affairs (MEA) later welcomed the UK High Court’s decision to reject Nirav’s plea.

“India has been vigorously pursuing the extradition of economic fugitives so that they face justice in India. We welcome the decision of the UK High Court. We want to bring him to India as soon as possible,” said MEA spokesperson Arindam Bagchi during a press conference.

Nirav Modi, who is a prime accused in the Rs 13,500 crore PNB scam, had fled India. He lost his appeal after he had moved the High Court in London against extradition on mental health grounds.

The bench of Justice Stuart Smith and Justice Robert Jay of the High Court said there are “no features of psychotic illness”.

The court rejected Nirav Modi’s counsel’s claims that he will die by suicide due to severe depression and said “Nirav Modi neither is nor is very likely to be at the most severe end of the scale of depressive illness”.

“He has so far displayed no features of psychotic illness. Although he has exhibited persistent suicidal ideation, he has neither attempted suicide or deliberate self-harm nor disclosed plans to do so, except in the vaguest and general way,” the court said.

The High Court also noted the steps taken to render Barrack 12 safe and to ensure that there is effective constant monitoring to reduce both the risk of attempted suicide and the prospect of suicide being committed.

The court noted that the Government of India sought the appellant, Nirav Deepak Modi.

Nirav Modi last year had moved the UK High Court against District Judge Sam Goozee’s Westminster Magistrate Court ruling in favour of his extradition. He is presently behind bars at Wandsworth Prison in southeast London. (ANI)

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Nora Sues Jacqueline Over ‘False Statement’ In Laundering Case

By LokMarg 12th December 2022

Actor-dancer Nora Fatehi has filed a defamation suit of Rs 200 crore against the Sri Lankan actor Jacqueline Fernandez.

In the lawsuit, the ‘Thank God’ actor has accused Fernandez of making ‘false statements with malicious intention’.

Earlier, Fatehi had left the Enforcement Directorate (ED) office in New Delhi on Friday after being questioned in Rs 200-crore money laundering case linked to conman Sukesh Chandrasekhar.

On September 15, Nora was questioned by the Economic Offences Wing (EOW) of the Delhi Police for more than four hours along with Pinky Irani, who apparently introduced Nora and Jacqueline Fernandez to the jailed conman.

Notably, statements of Nora Fatehi were recorded under section 50 of the Prevention of Money Laundering Act (PMLA), 2002 on September 12, 2021, and October 14, 2021, wherein she stated that she got a booking for a charity event.

During the event, she was gifted a Gucci Bag and one shopping mode iPhone by Leena Paulose. (wife of Chandrashekhar)

According to ED, during the investigation, searches were conducted at various places linked to Sukesh Chandrashekar and his associates. During the search, 16 high-end vehicles were seized under section 17 PMLA and these cars were either in the name of the firms owned by Leena Paulose or third parties.

It further emerged that Sukesh knowingly created the structure for layering and transferring proceeds of crime and thus, actively participated in the process of money laundering. (ANI)

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Jacqueline Appears Before Delhi Court In Laundering Case

By LokMarg 12th December 2022

Actor Jacqueline Fernandez on Monday arrived at the Patiala House Court in the national capital in connection with the Rs 200 crores money laundering case involving conman Sukesh Chandrashekhar.

On November 30, the Delhi Police arrested Mumbai-based Pinky Irani who is said to be a close aide of Chandrashekhar, and introduced him to Bollywood actor Jacqueline Fernandez.

According to the Economic Offences Wing (EOW), the accused Pinky Irani used to portray him (Sukesh) to be a business tycoon, and the accused used to be instrumental in facilitating certain Bollywood personalities to contact with main accused Sukesh Chandrasekhar.

It is also alleged that accused Pinky Irani has been instrumental in disposing off the amount of money extorted from the complainant and other sources.

Earlier, Delhi Police also recorded the statement of Bollywood actor Jacqueline Fernandez in the court under Section 164 after she said she wanted to give some important information in the Rs 200 crore fraud case involving conman Sukesh Chandrashekhar.

The Delhi Police Economic Offence Wing (EOW) filed a charge sheet naming 14 accused including Conman Sukesh Chandrashekhar, his Wife Leena Maria Paul, and others in 2021. The Chargesheet was filed under various sections of IPC and provisions of the Maharashtra Control of Organised Crime Act (MCOCA).

According to the EOW, Leena, Sukesh with others used Hawala routes, creating Shell companies to park the money earned from proceeds of crime.

Delhi Police’s EOW had registered an FIR against Chandrasekhar for allegedly duping the spouses of former promoters of Ranbaxy, Shivinder Singh, and Malvinder Singh, of Rs 200 crores besides ongoing investigations against him in several cases across the country.

According to the Prosecution, the EOW extended its investigation into the case related to extortion of over Rs 200 crore, by Rohini jail inmate Sukesh Chandrasekar for allegedly duping wives of former Religare promoters Malvinder and Shivinder Singh, who are currently in Tihar jail.

Investigations revealed that the accused Sukesh Chandrasekar had duped Shivinder’s wife Aditi Singh and Malvinder’s wife Japna Singh worth over several crores of rupees. The women claimed that they have paid crores of rupees to the conman to secure bail for their husbands and ensure their safety, posing as an officer from the Union Law Ministry.

Chandrasekhar and his associates allegedly took money from Aditi after posing as government officials and promising to get bail for her husband. As per reports, Chandrasekhar persuaded Aditi to transfer money by impersonating a central government official over a spoof call while he was lodged in Rohini jail and promised to manage bail for her husband.

Both Chandrasekhar and his actor wife Leena Maria Paul were arrested by the Delhi Police in September last year for their alleged role in the duping case. (ANI)

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ED Searches In 16 Locations, 3 Metros On Money Laundering Charges

By LokMarg 2nd December 2022

The Directorate of Enforcement (ED) has searched 16 premises across Chennai, Mumbai, and Delhi covering the office and residential premises of a few firms and their promoters under the Prevention of Money Laundering Act, 2002.

They are Securekloud Technologies Limited, Pro Fin Capital Services Limited, Quantum Global Securities Limited (QGSL), Unity Global Financial Services Pvt Limited, and Desert River Capital Pvt Ltd.
In this matter, the searches conducted led to the seizure of Rs 1. 04 crores in cash, gold, and diamond jewellery, the identification of immovable properties of more than Rs 30 crore and other movable assets in various DEMAT accounts as well as the seizure of incriminating documents and digital evidence.

The agency has initiated a money laundering investigation on the basis of an FIR filed on February 02, 2019, which was filed by Suresh Venkatachari, the promoter, and CEO of Securekloud Technologies Limited.

PMLA investigation revealed that the directors and beneficial owners of these share brokerage and financial services companies have transferred the shares worth Rs.160 crore off-market and subsequently sold the same to generate huge proceeds of crime, the agency said in a statement on Friday.

“The investigation also revealed that the complaint lodged by the Promoter of STL was misleading as he and his CFO are involved in the larger conspiracy of the cheating public by way of inflating the books of the company, diverting funds of the company to the unrelated business activities of the companies having stakes of CFO and CEO of STL (Securekloud),” it added.

Further investigation is under progress, the agency said. (ANI)