Raj Kumar Goel v. Directorate of Enforcement

Order dasti. (MUKTA GUPTA) JUDGE MAY 10, 2018 'vn'

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on: 27th April, 2018 Decided on: 10th May, 2018 + BAIL APPLN. 350/2018 RAJ KUMAR GOEL ..... Petitioner Represented by: Mr.Manoj Ohri, Sr.Advocate with Mr.Vaibhav Tomar, Mr.Abhimanyu Singh and Mr.Rajeev Ranjan, Advocates versus DIRECTORATE OF ENFORCEMENT ..... Respondent Represented by: Mr. Sandeep Sethi, Additional Solicitor General, Mr.Amit Mahajan, CGSC, Mr.Nitesh Rana, SPP, Ms.Mallika Hiremath, Mr.Madhav Chitale and Mr. A.R.Aditya, Advocates with Rahul Verma, Investigating Officer. + BAIL APPLN. 437/2018 ROHIT TANDON ..... Petitioner Represented by: Mr.Arvind Nigam and Mr.Sudhir Nandrajog, Sr.Advocates with Mr.Manu Sharma, Mr. Mehtaab Singh Sandhu, Mr. Mikhil Sharma, and Mr.Abhir Datt, Advocates versus DIRECTORATE OF ENFORCEMENT ..... Respondent Represented by: Mr. Sandeep Sethi, Additional Solicitor General, Mr.Amit Mahajan, CGSC, Mr.Nitesh Rana, SPP, Ms.Mallika Hiremath, Mr.Madhav Chitale and Mr.A.R.Aditya, Advocates with Rahul Verma, Investigating Officer. CORAM: HON'BLE MS. JUSTICE MUKTA GUPTA 1. By way of the present bail applications, petitioners Rohit Tandon and Raj Kumar Goel, seek regular bail in ECIR No.18/DLZO-II/2016 dated 26th December, 2016 recorded by Enforcement Directorate, Delhi Zone under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 (in short 'PMLA'). 2. The above-noted ECIR No.18/DLZO-II/2016 was recorded on 26th December, 2016 pursuant to FIR No. 205/2016 registered for the offences punishable under Sections 406/409/420/468/471/188/120B IPC at PS Crime Branch on 25th December, 2016. 3. Brief conspectus of facts as recorded in the ECIR against Ashish Kumar, Manager, Kotak Mahindra Bank, Raj Kumar Goel and certain other unknown persons are that during the course of investigation in FIR No.242/2016 under Sections 420/467/468/471/120B IPC registered at PS CR Park, it was revealed that Raj Kumar Goel along with his associates was engaged in earning profits by routing money into various accounts by using forged documents and thereby receiving commission from the prospective clients. Raj Kumar Goel and few of his associates had opened multiple accounts in Kotak Mahindra Bank and ICICI Bank at Naya Bazar, Chandni Chowk, Delhi. On 8th November, 2016, when Government of India announced demonetization of one thousand and five hundred rupee currency notes, Raj Kumar Goel conspired with Ashish Kumar and one Chartered Accountant, whose name was not known at the time of recording of ECIR, to convert black money in the form of old currency notes into new currency notes and earn huge profits. Aforesaid chartered accountant arranged for prospective clients and offered 2% commission to other accused persons for such transactions. After opening many accounts on the basis of forged and fabricated documents, approximately ₹25 crores was deposited after demonetization. Thus, it was alleged that Ashish Kumar, Raj Kumar Goel and certain other unknown persons had illegal earnings arising out of the said criminal conspiracy. 4. Rohit Tandon was arrested on 28th December, 2016 and Raj Kumar Goel on 9th January, 2017 in connection with the aforesaid ECIR. 5. On 23rd February, 2017, Directorate of Enforcement filed a complaint being Complaint Case No.400/2017 against Rohit Tandon, Ashish Kumar, Raj Kumar Goel, Dinesh Bhola and Kamal Jain. It was alleged that from 15th November, 2016 to 19th November, 2016, there were huge cash deposits to the tune of ₹31.75 crores by Raj Kumar Goel and his associated and there was incoming RTGS to the tune of ₹6.86 crores. Further, demand drafts amounting to ₹38 crores were issued in fictitious names. Qua Rohit Tandon it was alleged that he in conspiracy with the co-accused persons devised a plan for conversion of demonetized currency into monetized currency by depositing cash into the accounts of various companies in Kotak Mahindra Bank where cash in hand was available in the books of accounts and in furtherance of the conspir