The Rouse Avenue Court has dismissed Vaibhav Jain’s plea for interim bail. Jain, currently incarcerated in Tihar Jail over a money laundering case, faced a setback as the court rejected his petition. Last April, the Enforcement Directorate (ED) took action by seizing immovable properties valued at Rs 4.81 crore belonging to Jain’s family and associated companies under the Prevention of Money Laundering Act, 2002.
Jain stands accused of orchestrating the establishment of multiple shell companies in Delhi, allegedly partaking in the laundering of illicit funds totalling Rs 16.39 crore through 54 shell entities operated by three hawala operators based in Kolkata.
His legal entanglements began with his arrest by the ED concerning a case stemming from a 2017 CBI FIR, which implicated him under the Prevention of Corruption Act.
The allegations against Jain include the creation of shell companies, purportedly linked to him, through which money laundering activities were conducted. The CBI subsequently filed a chargesheet accusing Jain of accumulating assets valued at Rs 1.47 crore through illicit means. Following this, the ED proceeded to attach assets worth Rs 4.81 crore in connection with the money laundering investigation.
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Despite Jain’s attempts to secure interim bail, the court’s decision underscores the gravity of the allegations and the legal challenges he faces in the ongoing proceedings.
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