A Delhi court on Saturday denied bail to Aam Aadmi Party (AAP) minister Satyendar Jain in a case related to alleged money laundering through Kolkata-based shell companies.
Special judge Geetanjali Goel rejected Jain’s bail plea. A detailed order is awaited.
Jain was arrested on May 30 and was sent to 14 days in jail on Monday at the end of his custodial interrogation by the Enforcement Directorate (ED).
The case is based on a 2017 Central Bureau of Investigation (CBI) first information report (FIR) lodged against the minister in the Delhi cabinet. ED has accused him of having laundered money through four companies allegedly linked to him, where he was holding shares, while amassing disproportionate income.
According to ED, Jain transferred money to Kolkata through hawala channel and got it back from dummy companies in the form of accommodation entries, even though he could not show the source of the money received.
Accommodation entries are usually done by hawala operators to accommodate illegal money in a company through a shell firm or in the form of cash by breaking large amounts into smaller sums to avoid suspicion.
Opposing the bail plea of Jain, ED on Tuesday argued that the legislator has made an excuse of memory loss as post effects of Covid-19, when confronted with documents in connection to Hawala transactions related to a trust.
Senior advocate N Hari Haran for Jain contended that Jain’s custody is no further required, as the federal agency has not found anything against the minister in the last five years since the CBI registered the case.
He also argued that Jain has cooperated at every stage after the agency called him multiple times in the last five years. He said that Jain has no connection to any of the co-accused and even though the surnames match, there is no relation between them.
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