Delhi High Court Issues Notice On Bail Pleas Of Vaibhav Jain, Ankush Jain In Money Laundering Case

The Delhi High Court on Monday issued a notice on the bail pleas moved by Ankush Jain and Vaibhav Jain, co-accused in a money laundering case in which Aam Aadmi Party leader Satyendar Jain is the main accused.

Justice Dinesh Kumar Sharma sought response of the Enforcement Directorate while listing the matter for hearing next on December 20.

According to the ED, during the check period between February 14, 2015 till May 31, 2017, an amount of Rs.4,60,83,500 was received as accommodation entries in three companies - M/s. Akinchan Developers Pvt.Ltd., M/s.Paryas Infosolutions Pvt.Ltd. and M/s.Manglayatan Developers/Projects Pvt.Ltd and an accommodation entry of Rs.15,00,000 was received in M/s.J.J.Ideal Estate Pvt.Ltd.

The companies are allegedly linked to Satyendar Jain.

It is alleged that a commission of Rs.5,32,935 was also paid to the entry operators. Thus, as per ED, Rs.4,81,16,435 was calculated as proceeds of crime, which were utilized in the purchase land, payment of loans and for commission to Kolkata based entry providers.

As per the agency, co-accused Vaibhav Jain and Ankush Jain had taken the benefit of Income Disclosure Scheme, 2016 by declaring the entire accommodation entries received in the said companies for the period from 2010-11 till 2015-16, as their unaccounted income just to safeguard Satyendar Jain.

ED had examined a Chartered Accountant of the said companies who allegedly stated in his statement that both Vaibhav Jain and Ankush Jain were appointed Directors of the companies by backdating the documents to support their declaration made under the IDS, 2016. 

While Satyendar Jain was arrested on May 30, co-accused Vaibhav Jain and Ankush Jain were arrested on June 30 and are presently in judicial custody. 

All three were denied bail by city's Rouse Avenue Courts on November 17. Justice Sharma had issued notice on Satyendar Jain's bail plea on December 1. 

The trial court in the order had said that it has prima facie come on record that the minister was "actually involved" in concealing the proceeds of crime by giving cash to the Kolkata-based entry operators and thereafter, bringing the cash into three companies against the sale of shares to show that income of these three companies was untainted.

The ED case, which is based on the CBI FIR, alleges tha Jain signed conveyance deeds for purchase of agriculture lands by Prayas Infosolutions in 2011 and 2012. The central agency has further alleged that the land was later transferred to family members of Jain's associates who denied knowledge about the transfers.