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Rohit Tandon main conspirator, converted demonetised Rs 60 crore: ED to court

Lawyer Rohit Tandon is in jail for alleged seizure of Rs 13.6 crore cash from his law firm as part of crackdown on black money.

delhi Updated: Jan 04, 2017 21:13 IST
Rohit Tandon,Black money crackdown,Demonetisation
Delhi lawyer Rohit Tandon, arrested in connection the money laundering case, is taken away from Enforcement Directorate (ED) office in New Delhi.(PTI file photo)

Opposing the bail plea of controversial lawyer Rohit Tandon, the Enforcement Directorate on Wednesday told a Delhi court that he was one of the main conspirators in the illegal conversion of nearly Rs 60 crore demonetised currency.

Tandon is in jail for alleged seizure of Rs 13.6 crore cash from his law firm as part of crackdown on black money.

Tandon’s counsel sought bail for him submitting before the additional sessions judge R K Tripathi that his client’s arrest was illegal and prima facie no offence under the Prevention of Money Laundering Act (PMLA) was made out.

The court, however, listed the case for further conclusion arguments on January 7 while asking both the parties to give written submissions by then.

Opposing the bail plea of Tandon, ED’s counsel Vikas Garg submitted that the application was not maintainable as it was moved under section 439 (special powers of high court or sessions court regarding bail) of CrPC and not under the relevant section of PMLA.

He also argued that several bank accounts were used for depositing demonetised currency on the instruction of Tandon who connived with arrested accused and Kotak Mahindra bank manager Ashish Kumar and others for the alleged conversion at a commission of 35%.

Stacks of currency notes that was found at Rohit Tandon's Greater Kailash residence during a raid by Delhi Police crime branch. Cash worth Rs 13.65 cr, including at least Rs 2.61 cr in new Rs 2,000 currency notes were recovered. (PTI file photo)

However, senior advocate Vikas Pahwa, appearing for Tandon, submitted that the accused has not cheated people as the government’s November 8 notification on demonetisation, had allowed depositing of any amount of money in bank accounts.

“As per the notification on behalf of the ministry of finance no penal provision has been mentioned in case a person has large denomination of currency in old notes. The said notification does not attract any criminal charges for holding old notes in huge denominations,” the counsel said.

He further said that there was no allegation against the accused in the FIR and he has fully cooperated in the probe even before he was arrested.

The ED counsel, however, referred to the recorded statement of Kumar and Tandon’s employee Dinesh Bhola in which they mentioned about having a meeting with Tandon and his firm’s CEO Kamal Jain after demonetisation to discuss how to convert demonetised currency into new ones.

The court had on January 2 sent Tandon to 14 days judicial custody along with Kumar and businessman Paras Lodha.

First Published: Jan 04, 2017 21:12 IST