Nov 07, 2024 09:22 IST
The ED had arrested Gajjanmajra in connection with a money laundering case of Tara Corporation Limited on November 6 last year
The Punjab and Haryana High Court (HC) has granted bail to Aam Aadmi Party (AAP) MLA Jaswant Singh Gajjanmajra in connection with the ₹40 crore bank fraud case.
In March 2022, the Central Investigation Department registered an FIR in this case. (HT file)
The high court Mahabir Singh Sindhu while granting bail noted that of the total dues of ₹41 crore, ₹35.50 crore has already been recovered and seized by the Enforcement Directorate (ED).
“It is understood that TCL has attempted to make an attempt to settle the outstanding debt through ‘OTS’ (one-time settlement) but this has not been successful due to certain reasons. However, “there is nothing on record to indicate that ‘OTS’ could not produce any result due to any shortcoming on the part of the petitioner,” the court said. “…the petitioner ceased to be the Director of TCL on 21.12.2015, i.e. well before the filing of the present FIR on 23.05.2022; Thus, in such a scenario, the complicity of the petitioner would be a contentious question at trial,” the court said.
The ED arrested Gajjanmajra, 60, in connection with a money laundering case of Tara Corporation Limited on November 6 last year. He is one of seven people and companies named in the case.
In March 2022, the Central Bureau of Investigation (CBI) registered an FIR in the case.
In September 2022, the ED raided Gajjanmajra’s house, next to a school and a cattle feed factory run by his family in Amargarh. Later, a PMLA case was registered against him.
Taking note of Gajjanmajra’s ill health, the court said he can be classified as a “sick person” within the purview of Section 45 of the PMLA. The court also rejected the ED’s objection that if he is granted bail, he might hamper the ongoing investigation and threaten the prosecution witnesses. “These allegations are based purely on suspicions,” the court said.
However, the court made it clear that Gajjanmajra would cooperate with the court and not seek unnecessary delay. “If there is any misuse of concession by him, the ED would have the discretion to file an application for cancellation of bail,” the court added.