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No Prima Facie Money Laundering Case can be made out against Sachin Joshi, according to Mumbai Court

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Sachin Joshi Law Insider

Khushi Doshi

Published on: March 9, 2022 at 11:33 IST

The Special Court stated in its detailed Order granting Bail to Actor-Businessman Sachin Joshi that no Prima Facie Case of Money Laundering can be made out against him. Joshi was arrested by the Enforcement Directorate on suspicion of receiving funds from the proceeds of crime linked to the Omkar Group.

The Enforcement Directorate claimed that Joshi received Rs 80 crore from the Rs 410-crore loan obtained by the realtor Company from Yes Bank.

It went on to say that the money obtained as a loan was used for a variety of purposes before being laundered.

While Granting Bail to Joshi on Monday, Special Judge M G Deshpande stated that mere vague statements that the amount had gone to Joshi are insufficient.

It went on to say that there is no satisfactory Bank Statement or other document proving Joshi received money from the group linked to the Yes Bank loan.

It claimed that the Enforcement Directorate had failed to demonstrate how Rs 410 crore was transferred to another account of the group, and that Bank statements did not support the witness statements recorded in the Case.

The Court also accepted Joshi’s claim that he was paid a certain amount to lend his name to a project by the realty group because of his brand value as an actor and previous realty projects.

It went on to say that while the Enforcement Directorate claimed Joshi’s Companies existed only on paper, this was not Prima Facie Probable.

Also read:

Money Laundering and Related Laws in India

A Brief Study on Prevention of Money Laundering Act, 2002