Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Bombay High Court has declined to grant default bail to realtor Sanjay Chhabriaa in a case involving alleged money laundering linked to Yes Bank. This decision was made based on the complex nature of money laundering cases, which necessitate in-depth investigations. Chhabriaa had sought default bail, arguing that the prosecution's complaint had been submitted within the required 60-day period but further investigation was still underway.
Justice M S Karnik, in his ruling on October 9, acknowledged the Enforcement Directorate's (ED) contention that while the inquiry into Chhabriaa had been completed, the investigation into the entire case was still ongoing. The court concurred with the ED, emphasizing that money laundering cases involve intricate, interconnected transactions, demanding comprehensive investigations. Karnik explained that money laundering involves intricate processes designed to make illegally acquired funds appear legitimate, and its complexity depends on the sophistication of the methods used to disguise illicit funds.
Chhabriaa's involvement in the case revolves around his alleged role in diverting illegally obtained funds by Yes Bank's founder, Rana Kapoor, and Dewan Housing Finance Limited (DHFL) promoter Kapil Wadhwan. The court noted that the ED was conducting further investigations related to the broader offense of money laundering in the case, and there were no restrictions on conducting such investigations to bring forth additional evidence.
Chhabriaa's lawyer, Vibhav Krishna, had argued that since the investigation was incomplete even after 60 days since Chhabria's arrest, the accused should be entitled to default bail. Chhabriaa was arrested by the ED on June 7, 2022, in connection with the Yes Bank-DHFL money laundering case. The ED submitted its prosecution complaint on August 4, 2022. However, the builder claimed that the charge sheet was incomplete and had been filed on the 59th day of his arrest merely to obstruct his right to claim default bail.
Krishna pointed out that Chhabriaa had already been granted default bail in the Central Bureau of Investigation's (CBI) corruption case related to the same offense by the Supreme Court in April. He had sought bail in the ED's case after a special court had denied his request in August the previous year.
In response, Additional Solicitor General Devang Vyas opposed the plea, asserting that the investigation related to Chhabriaa was complete, but the overall case was still under investigation.
The court accepted the ED's position, concluding that there were no restrictions on conducting further investigations in the case to gather additional evidence.
This ruling highlights the intricate nature of money laundering cases and the need for thorough investigations. It reaffirms that complex money laundering cases involve multiple levels of transactions, requiring detailed investigations. As Chhabriaa's bail plea was rejected, he must await further proceedings in this complex case.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy