A particular PMLA courtroom in Mumbai has denied bail to Mehul Thakur, managing director of Viva Group, and chartered accountant Madan Chaturvedi in reference to the Rs 4,300 crore PMC Financial institution fraud case. Their request for bail was rejected by Particular Choose Abhijeet Nandgoankar on April 8, and an in depth copy of the order was made accessible on Friday.
Thakur and Chaturvedi have been arrested on January 23 by the Legislation Enforcement Directorate and are at present being held in Arthur Street Jail. They requested default bond on the grounds that the investigative company had did not file its cost sheet throughout the obligatory 60 days from the date of their first dismissal.
Nonetheless, particular prosecutor Sunil Gonsalves, showing for ED, argued that the indictment was filed on March 19, which is properly on schedule. Subsequently, this request was with out substance and must be rejected, he informed the courtroom.
The courtroom, after studying the paperwork on file, concluded that the indictment was filed throughout the authorized time restrict. DE has filed prison cash laundering case towards HDIL, its promoters Rakesh Kumar Wadhawan, son Sarang Wadhawan and others as a part of its investigation into alleged mortgage fraud in Punjab and Maharashtra Co-operative (PMC) Financial institution.
The ED alleged that the Wadhawans, in collusion with Viva Group, diverted greater than Rs 160 crore from HDIL to quite a few corporations and entities belonging to the Viva group below the guise of the fee. The supply of those funds from HDIL to Viva Group is outwardly the unlawful embezzlement of funds from PMC Financial institution, the ED claimed.
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