New Delhi, Nov 28 : A Delhi court will hear on December 2 the bail petition moved by alleged hawala dealer Naresh Jain, arrested in connection with a money laundering case related to international hawala transactions.He was arrested in September and is in judicial custody since then.
According to the Enforcement Directorate, Jain has allegedly facilitated illegal transactions amounting to more than Rs 96,000 crore in India using over 600 accounts.The court had recently taken cognisance of the chargesheet filed by the ED against Jain and issued non-bailable warrants against four of his absconding co-accused.
The ED had filed a chargesheet against Jain on October 28 under sections of the Prevention of Money Laundering Act (PMLA) in connection with the ongoing investigation into his role in money laundering and international hawala transactions.
The probe agency had earlier said that the investigation conducted so far has revealed that Jain along with his accomplices hatched a criminal conspiracy to forge or fabricate documents in order to cause a loss to the exchequer and banks by providing accommodation entries to the beneficiaries and indulging in illegal foreign exchange transactions.
According to the ED, Jain allegedly ran an international syndicate of transferring funds through hawala channels using shell companies, tour-and-travel firms and through the formal banking network.
Documents like identity proof, birth and education certificates, voter IDs, PAN cards and signatures were forged or fabricated.
This was done to incorporate entities, operate bank accounts, facilitate bogus or over-invoiced or under-invoiced import and export transactions and rotation of funds through a web of shell companies to cause undue benefit to the parties involved and loss to the exchequer, the agency said.
The official said that Jain facilitated parking of funds abroad by Indian nationals through his international hawala transaction structure created in India and in various other jurisdictions.