RAJ KUMAR GOEL Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(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.