India News | Alleged Hawala Dealer Naresh Jain Moves Court Seeking Bail in Money Laundering Case
Get latest articles and stories on India at LatestLY. Alleged hawala dealer Naresh Jain, arrested in connection with a case of money laundering related to international hawala transactions worth around Rs 20,000 crore, has moved a Delhi court seeking bail.
New Delhi, Nov 28 (PTI) Alleged hawala dealer Naresh Jain, arrested in connection with a case of money laundering related to international hawala transactions worth around Rs 20,000 crore, has moved a Delhi court seeking bail.
The bail application is likely to be heard on December 2.
The application claimed that the probe regarding the accused was complete and his further custody was not required. It also said the court may impose any condition on the accused while granting him the relief.
Advocate Naveen Kumar Matta, the special public prosecutor appearing for the Enforcement Directorate, had earlier told the court that Jain, along with the co-accused 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 bank accounts.
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Jain has various offices and properties which he purchased from the proceeds of crime, the ED said.
According to the investigation, the proceeds of crime to the tune of more than Rs 500 crore was generated in this case has been detected so far. The said proceeds of the crime were placed as untainted funds in companies controlled by Naresh Jain, it said.
The layering was done by rotating the proceeds of crime in various companies and then the same was integrated by buying properties.
According to the investigation agency, Jain formed shell companies and rotated funds approximately to the tune of Rs 96,000 crore 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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)