‘Money laundering’ case: Court raps ED for linking AAP’s Jain to firms despite not being a director

Taking cognizance of an Enforcement Directorate (ED) chargesheet filed against AAP leader Satyendar Jain, a court pulled up the agency for mentioning that the accused companies were represented by Jain, even though he was not the director of any of the companies.

Special Judge Geetanjli Goel asked the ED how the companies will be associated with Jain just by naming him.

The judge noted that accused companies, M/s Akinchan Developers Pvt Ltd, M/s Paryas Infosolutions Pvt Ltd, M/s Manglayatan Developers Pvt Ltd and M/s JJ Ideal Estate Pvt Ltd, have been represented through Jain, however the “same are admittedly companies and it is not the case of ED that at present Jain is either the Director or has been appointed by the said companies to represent them”.

The ED told the court that an “amended memo will be filed to bring on record through whom the companies may be represented”.

The court took cognizance of the ED chargesheet by stating that “there is prima facie sufficient incriminating evidence about the involvement of the accused” and issued summons to Jain’s wife and co-accused Poonam Jain and the representatives of four companies made accused in the case.

The ED, represented by Additional Solicitor General S V Raju and Special Public Prosecutor N K Matta, said Jain “acquired cash from unfair means by commission of the scheduled offences, while holding office as a Cabinet Minister in Government of Delhi”.

“Subsequently, the said cash was transferred through CA via hawala operators to Kolkata to entry operators for layering of the cash transactions. Thereafter the entry operators knowingly and intentionally layered the cash in different shell companies’ bank accounts and finally transferred the said amounts to companies of Jain for final integration in the mainstream financial system for further claiming/projecting the same as clean untainted money,” the ED submitted.

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The agency submitted that Jain and his companies/associates “used the said money for purchasing agriculture land and these acquired out of the proceeds of crime generated through the commission of scheduled offences are now being claimed/projected as being of clean/ untainted origins”.

ASG Raju told the court that Jain “masterminded the entire operation and executed the accommodation entries against cash with full preparation and with a guilty mind. The aforestated operations/transactions and the criminal conspiracy were carried out by Jain and his associates with complete preparation and knowledge of the criminal nature of the activities”.

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