A local Court Monday convicted Abhay Kumar Srivastava, former Chairman-cum-Managing Director (CMD) of National Aluminium Company Limited ( NALCO), along with co-accused in a high-profile money laundering case investigated by the Enforcement Directorate.
The ED had launched an investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code, 1860, and Prevention of Corruption Act, 1988 against Abhay Kumar Srivastava and others, relating to the acceptance of illegal gratification.
It was alleged that Bhushan Lal Bajaj (co-accused) acted as an intermediary to receive bribes from G.S. Bhatia of the Bhatia Group of Companies in return for extending undue official favours.
Co-accused Chandni Srivastava, using forged identity documents and the forged signatures of Smt. Anita Bajaj, impersonated her to open a bank account and locker. The CBI subsequently seized movable assets, including gold bars and cash, from the said locker.
During the course of investigation under PMLA, 2002, the ED attached movable assets belonging to Abhay Srivastava worth Rs 2,23,31,150/ and filed a prosecution complaint (equivalent of a chargesheet) against the accused in March 2015.
Holding the accused guilty under relevant provisions of Prevention of Money Laundering Act (PMLA), the Court ruled that ED successfully established proceeds of crime and layering/concealment of proceeds of crime.
The Court in its ruling also acknowledged the sophisticated modus operandi adopted by the accused. The court accepted the statutory presumption that the proceeds of crime were involved in money laundering and that the burden to prove otherwise was not discharged by the accused.
The court, in its detailed judgment, upheld arguments advanced by the ED, affirming a clear pattern of criminal activity and laundering of illicit proceeds of crime.
The ED had launched an investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code, 1860, and Prevention of Corruption Act, 1988 against Abhay Kumar Srivastava and others, relating to the acceptance of illegal gratification.
It was alleged that Bhushan Lal Bajaj (co-accused) acted as an intermediary to receive bribes from G.S. Bhatia of the Bhatia Group of Companies in return for extending undue official favours.
Co-accused Chandni Srivastava, using forged identity documents and the forged signatures of Smt. Anita Bajaj, impersonated her to open a bank account and locker. The CBI subsequently seized movable assets, including gold bars and cash, from the said locker.
During the course of investigation under PMLA, 2002, the ED attached movable assets belonging to Abhay Srivastava worth Rs 2,23,31,150/ and filed a prosecution complaint (equivalent of a chargesheet) against the accused in March 2015.
Holding the accused guilty under relevant provisions of Prevention of Money Laundering Act (PMLA), the Court ruled that ED successfully established proceeds of crime and layering/concealment of proceeds of crime.
The Court in its ruling also acknowledged the sophisticated modus operandi adopted by the accused. The court accepted the statutory presumption that the proceeds of crime were involved in money laundering and that the burden to prove otherwise was not discharged by the accused.
The court, in its detailed judgment, upheld arguments advanced by the ED, affirming a clear pattern of criminal activity and laundering of illicit proceeds of crime.
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