ED files chargesheet against Misa Bharti's chartered accountant in Rs 8,000 crore money laundering case

The chargesheet against Rajesh Agarwal in a Prevention of Money Laundering Act (PMLA) case was filed before the court of Special Judge Naresh Kumar Malhotra.

Published: 21st July 2017 01:44 PM  |   Last Updated: 22nd July 2017 02:47 AM   |  A+A-

Misa Bharti (File |PTI)

By Express News Service

NEW DELHI: The Enforcement Directorate has filed a Prosecution Complaint (equivalent to chargesheet in police parlance) against Chartered Accountant Rajesh Kumar Agrawal linked to RJD Chief Lalu Yadav’s daughter Misa Bharti in a money laundering case relating to shell companies.

Besides Agrawal, others chargesheeted in the caseon Thursday include Satish Pawa (Director of Jagat Projects Limited) and various shell companies operated by Jain Brothers (Surender Kumar Jain and Virendra Jain) involved in money laundering, the agency said.

Earlier, a Criminal Complaint was filed by the Serious Fraud Investigating Office (SFIO) in the Tis Hazari Courts here against Jain Brothers and others, based on which Investigation was initiated under Prevention of Money Laundering Act, 2002 (PMLA) by the ED.

The ED said, “During the investigation, based on the statements of various persons recorded under Section 50 of PMLA and analysis of documents, it was established that Shri Rajesh Kumar Agrawal has played a pivotal role in the transactions between Jain brothers and M/s Jagat Projects Ltd. and various other beneficiaries. Further, it was established that for conversion of unaccounted money, commission/consideration was paid by the beneficiaries to the accused Shri Rajesh Kumar Agrawal and Jain Brothers.”

With the help of Jain Brothers and their companies, Agrawal has converted unaccounted money of the beneficiaries to the tune of Rs 80.94 crore in the year 2008-09 and Rs 39.21 crore in the year 2009-10 into apparently legitimate transactions by way of share subscription/ unsecured loans besides other financial years. In the process of laundering of Rs 62.20 crore connected to Jagat Projects Limited, Jain Brothers have received a consideration of Rs 1,11,96,000 through Agrawal. Agrawal has actively participated in money laundering in lieu of consideration/commission and was arrested  on May 22.

Earlier, properties worth Rs 64.70 crore of Jagat Projects Ltd. and properties worth Rs 1,11,96,000 of Jain Brothers were attached provisionally under the provisions of PMLA.Jain brothers were arrested on March 20 and Prosecution Complaint against both of them was filed on May 18.

The Investigation against other beneficiaries including M/s Mishail Packers and Printers Pvt. Ltd. is under progress. Recently searches were also conducted on M/s Mishail Packers and Printers Pvt. Ltd. & its directors Shailesh Kumar and Misa Bharti.

“During the investigation, it was revealed that M/s Jagat Project Ltd and its directors (CA Rajesh Agrawal and Satish Pawa) have converted their unaccounted money to the tune of Rs 64.70 crore into apparently legitimate transactions by way of share subscription through various shell companies. Out of this amount, Rs 62.20 crore of unaccounted money was laundered through 26 shell companies controlled by Jain Brothers,” the ED said in the statement.

According to the ED, the modus operandi of Jain Brothers was to launder the unaccounted money through the process of placement of funds, layering of transactions and the final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.

“Funds were brought in by the mediators on behalf of the beneficiaries through the mediators. Jain Brothers were providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company. In this process Jain Brothers earned money as a certain percentage of the unaccounted money converted into share premium,” the agency added.

The Jain brothers are suspected to have laundered money to the tune of Rs 8,000 crore.

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