Monday, October 26, 2020

Delhi court rejects Congress leader DK Shivakumar’s bail plea in money laundering case

-

A special court on Wednesday dismissed the bail application of Karnataka Congress leader D K Shivakumar, arrested in a money laundering case filed by the Enforcement Directorate (ED) under the Prevention of Money laundering Act (PMLA) Act. Shivakumar is currently lodged in Tihar jail.

Special judge Ajay Kumar Kuhar pronounced the order today.

The ED had in September last year registered the money laundering case against Shivakumar and a few others. The case was based on a charge sheet filed by the Income Tax (I-T) Department last year before a special court in Bengaluru on charges of alleged tax evasion and unaccounted transactions worth crores.

In August 2017, the I-T department had raided several premises owned by the Congress leader, his family, and associates and claimed to have unearthed crores of rupees in unaccounted for income.

- Advertisement -

Additional Solicitor General KM Natraj, appearing for the ED, opposed the bail plea and argued that many documents and material have been recovered during the course of investigation.

He said Shivakumar cannot turn his tainted property into untainted one just by paying tax on it. The probe agency said Shivakumar being an influential and powerful person may hamper the investigation.

On the other hand, senior advocates Abhishek Manu Singhvi and Mukul Rohatgi, appearing for the Congress leader, strongly denied the accusations against the Karnataka MLA. They said he was innocent and that the ED was desperate to keep him in jail.

The court has remanded Shivakumar to judicial custody till 1 October.

- Advertisement -

The Congress leader was arrested by the Enforcement Directorate (ED) on 3 September after four days of interrogation in relation to the case.

Multiple agencies have been probing Shivakumar’s assets for almost two years now.

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

Former North Macedonia PM linked to new money laundering probe

The Organised Crime Prosecution in North Macedonia on Monday confirmed the arrest of Risto Novacevski – the best man of fugitive ex-prime minister Nikola...

Australian court approves $920 million Westpac money laundering fine

The Federal Court of Australia has agreed on the deal struck between the Australian Transaction Reports and Analysis Centre (AUSTRAC) and Westpac, ordering the Australian...

US financial watchdog fines bitcoin mixer operator $60m for money laundering

The founder and operator of some of the first "mixing" services in crypto will have to cough up $60 million to United States regulators,...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks