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Alleged hawala dealer Naresh Jain moves court seeking bail in money laundering case

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..

PTI | New Delhi | Updated: 28-11-2020 18:50 IST | Created: 28-11-2020 18:26 IST
Alleged hawala dealer Naresh Jain moves court seeking bail in money laundering case
Representative image Image Credit: ANI

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. 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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