Shakti Bhog bank fraud case: Chartered Accountant gets bail from Delhi HC
Feb 08, 2023
New Delhi [India], February 8 : The Delhi High Court on Wednesday granted bail to Raman Bhuraria, Chartered Accountant (CA) in connection with a money laundering probe against Shakti Bhog Foods Ltd in an alleged Rs 3,269 crore bank fraud case.
The bench of Justice Jasmeet Singh on Wednesday while passing the judgement said, the period of incarceration, as well as the delay in the investigation along with any reliable material which directly involved the Applicant, justifies a prima facie release on bail. The only substantial evidence which is produced is the statements under section 50 PMLA which too have been retracted.
Having regard to the totality of the circumstances, in my opinion, the applicant should be released on bail. The applicant shall furnish a personal bond in the sum of Rs. 50,000 each with 1 surety in the like amount and the applicant shall not leave the country if the applicant has a passport, he shall surrender the same to the trial Court, said the Delhi High Court.
Bhuraria was represented by Advocates Arshdeep Singh Khurana, Ayush Agarwal, and Harsh Mittal while Enforcement of Directorate was represented through Advocates Zoheb Hossain and Vivek Gurnani.
The Enforcement Directorate (ED) arrested Raman Bhuraria, for his alleged assistance and complicity in the Rs 3,269 crore bank fraud of Shakti Bhog Foods Ltd. Bhuraria was arrested under the provisions of the Prevention of Money-laundering Act, 2002 from Delhi in August 2021.
ED initiated a money-laundering investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) against Shakti Bhog Foods Limited and others, for criminal conspiracy, cheating, and criminal misconduct.
"The allegations against the accused include his active assistance and involvement in the bank fraud by way of round-tripping through related entities. Siphoning of the funds was being
done through fictitious sale and purchase through various dummy and other entities," said the ED statement earlier.
