Saturday, October 31, 2020

Delhi Court Reserves Order on Businessman Sana Satish Babu’s Bail Plea in Money Laundering Case

-

A Delhi court will pronounce on August 17 its order on a bail plea of Hyderabad-based businessman Sana Satish Babu, who is arrested in connection with a money-laundering case involving meat exporter Moin Qureshi.

Special Judge Anuradha Shukla Bharadwaj reserved the order after hearing arguments in the matter.

Babu is currently in judicial custody. The Enforcement Directorate (ED) is probing the purported purchase of shares worth Rs 50 lakh of a company linked to Qureshi by Babu.

During the hearing of arguments on Saturday, the ED opposed the bail application saying the probe was still going on and the charge sheet was not filed in the case.

- Advertisement -

“If granted the relief, the accused may tamper with the evidence or influence the probe,” the cental probe agency said, adding that the accused may flee if released on bail.

In his bail application, Babu told the court that his custodial interrogation was already over and he was not required for further probe.

“No purpose will be served by keeping him (Babu) in further custody,” senior advocate K T S Tulsi, appearing for Babu, told the court.

Related: Enforcement Directorate moves SC against Delhi HC order in money laundering case

Babu was earlier called as a witness in the money-laundering case but was later made an accused.

- Advertisement -

He was arrested on July 26 under provisions of the Prevention of Money Laundering Act, the ED had said, adding that he was grilled for a few hours and taken into custody as he was “not cooperating” in the probe.

The CBI’s special probe team, under then Special Director Rakesh Asthana, had recommended Babu’s arrest in its own case against Qureshi and others.

However, in October last year, the Alok Kumar Verma-led agency registered a case of alleged corruption against Asthana and his subordinates, based on Babu’s complaint. Babu alleged that he had paid a bribe to get relief in the case.

Officials close to Asthana levelled similar allegations against Verma. The matter reached the Central Vigilance Commission, which initiated an inquiry into the charges and counter-charges.

Eventually, both Verma and Asthana were divested of their powers.

MUST READ

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Subscribe For More

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

Advertisement
Advertisement

Latest News

This Week

Macau to sign agreement with World Bank Group over money laundering risk assessment

Secretary for Security Wong Sio Chak was granted powers by the Chief executive to sign a Reimbursable Advisory Services Agreement Concerning Risk Assessment of...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Mid-Small financial institutions to benefit from Oracle’s Anti-money laundering protection

Oracle today announced new cloud services to help mid-sized banks combat money laundering and outsmart financial crime. Oracle Financial Crime and Compliance Management Cloud Service brings...

Swiss court upholds money-laundering conviction of ex-Ukrainian lawmaker Martynenko

A Swiss court has upheld the conviction of former Ukrainian lawmaker Mykola Martynenko for laundering via Swiss banks millions of dollars worth of kickbacks...
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