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Synopsis

The Rouse Avenue Court on Tuesday directed ASG SV Raju appearing for the Enforcement Directorate to submit a fresh chart of entities and shares in the alleged Money Laundering case, wherein, Aam Aadmi Party Minister Satyendra Jain is also involved. The Special Court was hearing the bail application filed by Satyendra Jain.

Special CBI Judge Geetanjali Goyal posted the matter for further hearing on September 15, 2022, at 2:30 PM. The Court will now hear the arguments on the charges under the Prevention of Money Laundering Act.

Satyendra Jain was arrested by the Enforcement Directorate (ED) in the case on May 31st this year. 

In April, ED attached assets worth Rs 4.81 crore linked to Jain and his family. ED initiated an investigation based on an FIR registered by the Central Bureau of Investigation (CBI) against Jain and others under relevant sections of the Indian Penal Code and the Prevention of Corruption Act.

It is alleged that when Jain was a public servant, companies owned and controlled by him received up to Rs 4.81 crore from shell companies through the Hawala network.

Today, the counsel for Satyendra Jain rebutted the main issue & proceeds of crime. He stated that proceeds of crime are the main essential of money laundering.

He argued that Jain's direct shareholding is 19% in Mangla Hotel and 14.67% in Indo Metals, whereas, the ED is trying to bring in Rs. 4.6 crore all in name of Satyendra Jain. Technically it would come to Rs. 16 lacs, he averred. 

He further argued that neither the property nor the share of the said companies have come to Satyendra Jain, it is all related to Vaibhav Jain and Ankush Jain. 

The counsel on behalf of Jain stated, "This is not the first time they (Ankush & Vaibhav) are being interrogated by CBI for IT, Benami transaction, etc...where I was not guilty. I don't know what vicarious pleasure they are getting from keeping me inside."

Whereas, the counsel appearing for Ankush and Vaibhav submitted that there are no proceeds of crime. "ED is not clear what the offences are, they put in conspiracy charges and then add cheating as well," he said. 

He submitted that all the documents were in possession of Ankush and Vaibhav. "So, whatever was recovered from me was mine, SKJ (Satyendra Jain) was not involved", he added.

Earlier, Additional Solicitor General SV Raju appearing for the Enforcement Directorate had informed the Special CBI Court that Satyendra Jain was in de-facto control of shell companies used for alleged money laundering, and these two people (Ankush Jain and Vaibhav Jain), the directors of the company, were just dummies.

Case Title: Enforcement Directorate Vs. Satyendra Jain