1. PMLA case: Delhi HC dismisses businessman Yogesh Mittal’s bail plea

PMLA case: Delhi HC dismisses businessman Yogesh Mittal’s bail plea

The Delhi High Court today dismissed the bail plea of a businessman arrested in connection with a post-demonetisation money laundering case which also involves a lawyer.

By: | New Delhi | Published: September 14, 2017 6:54 PM
delhi high court, delhi hc, money laundering, yogesh mittal, pmla, pmla case Delhi High Court (PTI)

The Delhi High Court today dismissed the bail plea of a businessman arrested in connection with a post-demonetisation money laundering case which also involves a lawyer. “The application for bail is dismissed,” Justice Ashutosh Kumar said. Accused Yogesh Mittal, who is in the Enforcement Directorate’s (ED) custody after his arrest on June 5 for the offence of money laundering, had sought regular bail. He had claimed that his arrest was illegal as he had already joined the investigation and appeared before the ED on 10 occasions. He had also contended that he was not named in any scheduled offence listed in the Prevention of Money Laundering Act (PMLA) for him to be arrested under this law.

Mittal had said that no enforcement case investigation report (ECIR) has been lodged against him and claimed that the ED has not followed the procedure laid down under the Criminal Procedure Code prior to arresting him. The ED had arrested Mittal under the PMLA for his alleged role in the illegal conversion of demonetised currency notes worth Rs 51 crore in “connivance” with lawyer Rohit Tandon, a suspended Kotak Mahindra bank manager and another person who acted as the entry operator or illegal fund router. It was alleged that Mittal was “instrumental in picking up Tandon’s demonetised cash on November 14-19 last year and depositing it in various bank accounts of shell companies.” A “conspiracy” was hatched among Mittal, Tandon’s CA, Kamal Jain, ex-bank manager Ashish Kumar, entry operator Raj Kumar Goel and others, the agency had claimed.

It had also contended before the trial court that the accused had allegedly planned to collect and deposit the demonetised currency in various accounts of firms which have huge cash in hand and from those accounts, demand drafts (DDs) in fictitious names would be issued. “Later, these DDs would be cancelled to get the money back into the accounts, thus converting the demonetised currency into monetised currency,” the agency had said. Currency notes of Rs 1000 and Rs 500 were demonetised by the government on November 8 last year. The ED took over the case and registered an FIR under PMLA after taking cognisance of a Delhi Police Crime Branch FIR on alleged fake accounts with deposits of Rs 34 crore.

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