Updated: June 10, 2022 1:51:35 am
Jain was produced before Special CBI Judge Geetanjli Goel on Thursday on expiry of his nine-day custody. The ED had sought further custody for five days, submitting that they needed to confront him with documents that were recovered in the raids conducted by the agency.
Jain’s lawyers had argued that the agency was going beyond its jurisdiction in the disproportionate assets case.
The case is based on a CBI FIR lodged against Jain in 2017 under which he was accused of having laundered money through four companies allegedly linked to him. The CBI complaint had said that Jain could not explain the source of funds received by four companies in which he was a shareholder. It had registered a case against him, his wife and four others on charges of corruption.
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The ED has claimed that cash was transferred from Delhi to Kolkata through hawala operators. It claimed that these “accommodation entries were layered and received by Kolkata-based shell companies into companies owned by Jain and agricultural lands were purchased with these funds”.
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