A Delhi court granted bail to the chartered accountant involved in the Vivo money laundering case. The judge accepted the argument presented by Malik’s lawyer, Hemant Shah, who contended that extending his client’s custody would not serve any purpose. The court found no need for further detention and approved the bail request.
New Delhi: Delhi’s Patiala House Court granted bail to chartered accountant Rajan Malik, who was arrested by the Enforcement Directorate (ED) in connection with a money laundering case involving Chinese smartphone manufacturer Vivo.
Additional Sessions Judge Kiran Gupta considered Malik’s age, lack of criminal history, and his year-long custody in granting bail.
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The court noted–
“The applicant is 61 years old, suffering from various ailments, has no criminal record, and except for the present case, no other case is pending against him. He has been in custody for the last year, and this Court is satisfied that there are reasonable grounds to believe that the applicant is not guilty of the offence and is unlikely to commit any further offences while on bail.”
Bail granted on the condition that Malik furnishes a personal bond of Rs. 2 lakhs, with two sureties of the same amount, one of which must be a close family member.
The case against Vivo, filed by Delhi Police in 2021, alleges that the company used shell entities to remit money outside India from 2014 to 2021. The ED later registered a money laundering case, claiming that Indian smartphone manufacturer Lava International helped Vivo set up and expand its business in India. Funds allegedly arranged through Labquest Engineering Private Limited, of which Malik is alleged to be the beneficial owner.
Malik accused of playing a key role in the money laundering scheme, along with Lava’s Managing Director, Hari Om Rai, by using Labquest to provide financial support for Vivo’s operations. However, Malik denied involvement in the visa arrangements or invitation letters for Chinese nationals linked to Vivo.
Malik’s counsel argued that no evidence linked him to Vivo’s incorporation or any intent to assist in money laundering.
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The court acknowledged that Malik’s involvement appeared limited to his professional services as a CA, stating,
“Nothing has been brought to the notice that he indulged in activities beyond his professional scope as a Chartered Accountant.”
Based on this, the court granted bail.
Advocates Hemant Shah, Mohit Kumar Gupta, Harsh Yadav, and Saurabh Pal represented Malik, while Public Prosecutor Manish Jain, Simon Benjamin, and Advocate Snehal Sharda appeared for the ED.
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