Alleged hawala dealer Naresh Jain moves bail plea in money laundering case
Nov 28, 2020
New Delhi [India], November 28 : Naresh Jain, an alleged hawala dealer who was arrested in connection with a money laundering case related to international hawala transactions, has moved a bail petition in a Delhi court.
The lawyer representing Jain had earlier stated that voluminous documents with whom the accused has no concern have been got signed from him by force, and on the basis of those signatures, the statements of the accused have been recorded.
The court is slated to hear the bail plea on December 2.
The lawyer also denied the contents of the statement and submitted that the accused also denies all the statements recorded by the Enforcement Directorate during his custody. It was stated that the accused has no concern with the properties mentioned in the statements.
The court recently took cognizance on the ED prosecution complaint and stated, "There is prima facie sufficient incriminating material about the involvement of the accused persons. Thus, cognizance of the offence under Section 3 read with Section 70 punishable under Prevention of Money Laundering Act, 2002 is taken against all the accused persons."
The court, while issuing summons, also directed all the accused including several firms to appear before on December 2. The court had also issued a non-bailable warrant against several accused namely Bimal Kumar Jain, Puneet Jain, Harish Aggarwal and Kuldeep Singh after investigation officer sought NBWs placing sufficient material on record that the accused are absconding and cannot be served by the ordinary process.
Advocate Naveen Kumar Matta, appearing for the ED, submitted that Naresh Jain along with co-accused persons and his employees incorporated and operated 450 Indian entities and 104 foreign entities, using identity proofs and documents of dummy shareholders and Directors for opening the bank accounts.
"Jain has various offices and properties, which he has purchased from the proceeds of crime. As per the investigation, till date, the proceeds of crime to the tune of more than Rs 500 crores was generated in this case has been detected till date," Matta said.
"The said proceeds of crime were placed as untainted funds in companies controlled by accused Naresh Jain. The layering was done by rotating the proceeds of crime in various companies and then the same was integrated by buying properties," he added.
According to the investigation agency, accused formed shell companies and rotated funds approximately to the tune of Rs 96,000 crores in furtherance of the criminal conspiracy to cause loss to the government exchequer by indulging in illegal foreign exchange transactions on the basis of forged and fabricated documents.
