India News | Court Order on Friday on Rajiv Saxena's Bail Plea in Bank Loan Fraud Case
Get latest articles and stories on India at LatestLY. A Delhi Court will pronounce on Friday its order on the bail application of Rajiv Saxena, arrested in a money laundering case related to an alleged bank loan fraud.
New Delhi, Oct 26 (PTI) A Delhi Court will pronounce on Friday its order on the bail application of Rajiv Saxena, arrested in a money laundering case related to an alleged bank loan fraud.
Special Judge Sanjay Garg reserved the order after hearing arguments from the lawyers appearing for the accused as well as the Enforcement Directorate (ED).
“Arguments in rebuttal heard. Put up for orders on October 29, 2021,” the court said.
Saxena, who is in judicial custody, told the court that he is no longer required for custodial interrogation and no purpose will be served by keeping him in further custody.
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The ED opposed the application, saying he might flee from justice and hamper the ongoing investigation if released from jail.
The ED had arrested Saxena on September 12 in the bank loan case related to Central Bank of India.
The bank had accused Moser Baer, its director and others of defrauding the bank of Rs 354 crore.
The bank had alleged that Moser Baer and its directors and others forged and fabricated documents to induce the bank to release funds.
The CBI had in 2019 filed a case against Ratul Puri, who is the former executive director of Moser Baer India Limited (MBIL), his father Deepak Puri and others on a complaint filed by the Central Bank of India.
Puri is a relative of former Madhya Pradesh Chief Minister Kamal Nath.
ED claimed that Saxena's Dubai-based firms were the entities through which the proceeds of crime were routed and "further layered and integrated in buying the immovable properties/shares, among others".
Saxena was deported from Dubai and arrested on January 31, 2019 in the separate, VVIP chopper bribery and money laundering case.
He later turned approver in the case and was granted bail by a court here in the Rs 3,600 crore AgustaWestland chopper deal.
(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)