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NEW DELHI: A Delhi court has discharged three accused in a money laundering case linked to allocation of Brinda, Sisai and Meral coal blocks in Jharkhand.
The case against the accused – Manoj Jayaswal, Ramesh Jayaswal and Abhijeet Infrastructure Ltd is related to alleged laundering of about Rs 650 crore after wrongfully obtaining the letter of allocation from coal ministry. In his order dated September 5, special judge Arun Bhardwaj said there was no material on record to show that the accused had committed the offence of money laundering.
The court further said that an investigation was required in order to find out if the company had cheated a consortium of banks led by SBI. It was for the ED to decide whether to take the matter forward, the judge stated.
The court accepted the defence counsel’s argument that the case was baseless as there was only one scenario in which the proceeds of crime could have been generated out of such an allocation, and that was when the coal from the blocks was extracted, sold and the amount this generated got utilised.
ED couldn’t show any property being generated from coal blocks in the first place, the court said. ED had alleged that the company allotted shares at a premium that was multiple times higher than their value and inflated its net worth after getting coal blocks. TNN
The case against the accused – Manoj Jayaswal, Ramesh Jayaswal and Abhijeet Infrastructure Ltd is related to alleged laundering of about Rs 650 crore after wrongfully obtaining the letter of allocation from coal ministry. In his order dated September 5, special judge Arun Bhardwaj said there was no material on record to show that the accused had committed the offence of money laundering.
The court further said that an investigation was required in order to find out if the company had cheated a consortium of banks led by SBI. It was for the ED to decide whether to take the matter forward, the judge stated.
The court accepted the defence counsel’s argument that the case was baseless as there was only one scenario in which the proceeds of crime could have been generated out of such an allocation, and that was when the coal from the blocks was extracted, sold and the amount this generated got utilised.
ED couldn’t show any property being generated from coal blocks in the first place, the court said. ED had alleged that the company allotted shares at a premium that was multiple times higher than their value and inflated its net worth after getting coal blocks. TNN
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