New Delhi, Aug 31 A court here on Thursday sent Nitin Bhatnagar, one of the key accused in the money laundering case relating to the Moser Baer India Ltd, and others, to judicial custody till September 13.
The Enforcement Directorate (ED) had arrested Bhatnagar on August 22.
On expiry of his 10-day ED remand, the accused was produced before the Rouse Avenue Court's Special Judge, Raghubir Singh, who sent Bhatnagar to judicial custody till September 13.
The ED had got his custodial remand to confront him with digital records, evidence etc. The probe agency had argued that his custodial interrogation is required for the purpose of proper investigation of the case.
On Thursday, the ED didn’t ask for further remand, either.
Bhatnagar is reportedly a private banker and founder of Ellington Properties. He has been accused of doing hawala transactions for the co-accused.
Earlier, the sources had said that he was trying to flee abroad when they arrested him from the Indira Gandhi International Airport.
Bhatnagar is said to be having connections with Ratul Puri and Rajiv Saxena.
The counsel appearing for the accused had opposed the ED, saying that nothing was required to be inquired from his client as he was already examined in detail by the agency on a number of occasions.
"In the narration of the application in hand, it appears that in 2012, a bank account in the name of Pristine River Investments Ltd, was opened with Bank of Singapore and Nitin Bhatnagar facilitated the same being the Relationship Manager. The said company was owned by the Savannah Trust of which Ratul Puri (one of the co-accused) was the settler while John Docherty and Milan Morjaria were the protectors. Therein were received from M/s UHY Saxena, M/s Mercon Como & M/s Midas Metals which were managed and controlled by Rajiv Saxena (one of the co-accused)," said the order copy accessed by IANS.
It further read that those amounts have been said to be alleged proceeds of crime in the hands of co-accused Rajiv Saxena.
It is further revealed by way of the application in hand that the bank account in the name of Pristine River Investments Ltd, has been used for the layering of proceeds of crime and Bhatnagar knowingly assisted in doing so for the main accused Ratul Puri.
"The application further deciphers certain transactions in US Dollars etc affected during the year 2014 onwards which are allegedly the sham transactions reflected in the bank account of the aforesaid company. The averments are also there to the effect that Bhatnagar has also been instrumental in doing certain other acts which do have a bearing in connection with the present case," read the order.
--IANS
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