TaxTMI 
TaxTMI 
2018 (5) TMI 2172
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....pired with Ashish Kumar, Bank Manager of Kotak Mahindra Bank, one Chartered Accountant and one mediator who used to bring money to the bank to earn huge profits by converting black money in the form of old demonetized currency into new currency notes. The alleged mediator was offered commission on all such transactions. Raj Kumar Goel, having bank accounts in Kotak Mahindra Bank, Naya Bazar Branch, deposited old currency notes in Kotak Mahindra Bank, Connaught Place Branch pursuant to the instructions of the chartered accountant and Ashish Kumar. Thereafter, the bank manager issued demand drafts in the name of Sunil Kumar, Seema Bai, Dinesh Kumar and others against the cash deposited. It was further alleged that various bank accounts were opened in the name of various companies on the basis of forged and fabricated documents and approximately ` 25 crores had been deposited by the accused persons in these companies after demonetization. Thus, the new currency, which was to be delivered to the general public in regulated manner, has been misappropriated by the accused persons for illegal monetary gains. 3. On 24th June, 2017, the main charge sheet was filed against six accused per....
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....r is there any allegation that the petitioner is the beneficiary of the said transaction. 68 demand drafts were recovered from the possession of Kamal Jain, CA of Rohit Tandon who has been charge sheeted without arrest. Further since the demand drafts have not been encashed the money is still lying with the bank. Petitioner is also not connected in any conspiracy with Ashish Kumar, Manager of Kotak Mahindra Bank. The only allegation in the charge sheet against the petitioner is that 35% commission amount out of which 10% was to be retained by Yogesh Mittal, was deposited in the pre existing firms of Yogesh Mittal namely Yashoda Sales, P.S. Sales, M.S. Enterprises, Nikhil Enterprises, K.S. Traders etc. and from there a sum of ` 3.95 crores has been transferred to the account of M/s. Jai Jinendra Sales Corporation, firm of Prateek Jain, son of the petitioner and a sum of ` 4,13,63,180/- to M/s. Shrinivas Sales Corporation, firm of the petitioner, which was further transferred to the accounts of Govind Babu and Naveen Somani. Thus the petitioner is neither the beneficiary of the transaction nor money has been utilized for his personal benefits and the liability, if any, was of Yogesh ....
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....he accounts of the different firms of Yogesh Mittal and Raj Kumar Goel and thereafter demand drafts were prepared in fictitious names. Further, 35% of ` 38 crores of demonetized currency i.e. approximately ` 13.30 crores as commission was deposited in various accounts of Yogesh Mittal and Raj Kumar Goel and their associates. Role of the petitioner is not concerned with the balance 65% amount which was deposited in the various accounts of Yogesh Mittal and Raj Kumar Goel and their associates, whereafter drafts were got prepared in the first name of various employees of Rohit Tandon to be encashed later on. Role assigned to the petitioner is confined to the amount of approximately ` 8 crores in the two firms of Rajesh Jain, that is, Shrivinas Sales Corporation and Jai Jinendra Sales received from Yashoda Sales and P.S. Sales which was then transferred to M/s. Harsh International Khaini Pvt. Ltd. of Govind Babu and M/s. H.B. Manufacturing Industries Pvt. Ltd. of Naveen Somani. In this regard it would be relevant to note the statements of Govind Babu and Naveen Somani recorded under Section 161 Cr.P.C. 9. As per Govind Babu, he was doing the business of tobacco and was running the c....
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....h in the accounts of Raj Kumar Goel or Yogesh Mittal from which demand drafts were made which were recovered from Kamal Jain, CA of Rohit Tandon. As noted above Rohit Tandon has not been arrested in this FIR and charge sheet in the above noted FIR was filed against Rohit Tandon, Kamal Jain and Dinesh Bhola, the main accused without arrest and on appearance before the Court, bail was granted to them. Further Yogesh Mittal has also been granted bail though for technical reasons. Evidence is documentary in nature and the trial is likely to take some time. Hence, this Court deems it fit to grant bail to the petitioner. It is, therefore, directed that the petitioner be released on bail on his furnishing a personal bond in the sum of ` 1 lakhs with one surety of the like amount to the satisfaction of the learned Trial Court/CMM further subject to the condition that the petitioner will not leave the country without prior permission of the Court concerned and in case of change of residential address the same will be intimated to the Court concerned. 12. Petition is disposed of. ============= Document 1 Kamal Jain (CA of RT) Rohit Tadon (RT) Ashish Kumar (Bank M....