The Allahabad High Court has denied bail to a real-estate promoter facing money-laundering charges over the alleged diversion of Rs 126.30 crore of homebuyers’ money, observing that white-collar crime has grown too pervasive to be met with anything less than firm enforcement, and that a firm stance would dispel the perception that wealth and status buy a softer form of justice. The allegations are untested; the Court confined its remarks to the bail stage.
A Special CBI Court remanded Amitabh Jhunjhunwala, former Group Managing Director of Reliance Communications, to CBI custody until June 5 in an alleged bank loan fraud case. The agency sought custodial interrogation as part of its investigation into a suspected large-scale financial fraud involving Reliance Communications and related group entities.
