Satyendar Jain, initially taken into custody on May 30, 2022, was granted interim bail by the Supreme Court on medical grounds on May 26, 2023. This bail has been periodically extended since then
In a significant development in the ongoing money laundering case against Aam Aadmi Party (AAP) leader Satyendar Jain, the Supreme Court of India has extended his interim bail, with the matter set for further hearing. The bench, comprising Justices Bela M. Trivedi and Satish Chandra Sharma, deferred the case after an extensive argument session led by Senior Advocate Abhishek Manu Singhvi, who represents Jain.
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Jain, initially taken into custody on May 30, 2022, was granted interim bail by the Supreme Court on medical grounds on May 26, 2023. This bail has been periodically extended since then. During the hearing, Singhvi presented a detailed argument, emphasizing Jain’s cooperation in the investigation and challenging the establishment of any predicate offense against the former Delhi minister. He raised critical questions about the attribution of money in a company to an individual shareholder or director, directly addressing the crux of the allegations against Jain.
The case against Jain dates back to 2017 when the Central Bureau of Investigation (CBI) accused him and others of laundering money amounting to INR 11.78 crores during 2010-2012 and INR 4.63 crores during 2015-16. The alleged laundering was conducted through three companies – Paryas Infosolution, Indo Metalimpex, Akinchan Developers, and Mangalayatan Projects. Jain is accused of giving money to Kolkata-based entry operators of different shell companies for accommodation entries through his associates, who then allegedly re-routed the money in the form of investment through shares in Jain-linked companies after “layering them through shell companies.”
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In his defense, Singhvi argued that no shares were purchased by Jain in the relevant check period (2015-17), negating the possibility of disproportionate assets or a predicate offense. He further contended that Jain was not a public servant during the said period, rendering the Prevention of Corruption Act inapplicable to his case.
The Supreme Court, while extending Jain’s interim bail, did not provide any direct quotes from the judges in the available reports. However, the decision to extend the bail and the deferment of the case highlight the court’s consideration of the complexities involved in the matter.
Chief Justice of India DY Chandrachud had earlier explained the listing of the matter before different benches due to issues related to the extension of bail and the unavailability of Justice AS Bopanna due to medical reasons. Jain’s bail plea was partly heard by a bench of Justices AS Bopanna and Bela M. Trivedi before being listed before the current bench.
The Delhi High Court had dismissed Jain’s bail plea on April 6, citing him as an influential person with the potential to tamper with evidence. The Enforcement Directorate (ED) contends that the case of money laundering against Jain and other co-accused is clear.
This ongoing case continues to be a focal point, shedding light on the judicial processes involved in high-profile money laundering investigations and the considerations for granting bail under the Prevention of Money Laundering Act (PMLA). The Supreme Court’s upcoming hearings are expected to delve deeper into the merits of the case and the justification for extending Jain’s bail.
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