India

Vaibhav Jain’s Interim Bail Petition Rejected in Tihar Jail Money Laundering Case

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.

Also read: Delhi High Court Rebukes Kejriwal Government For Not Providing Textbooks To 2 Lakh Students

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.

Gopal Krishna

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

2 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

3 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

3 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

4 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

4 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

4 hours ago