A Delhi court on Tuesday refused to grant bail to journalist Upendra Rai in a money laundering case borne of a CBI FIR against him for allegedly indulging in extortion and dubious financial transactions.
Additional Sessions Judge Rakesh Syal denied relief to Mr. Rai, saying the allegations against him are serious in nature, and that he might influence witnesses and hamper investigation if released on bail.
The Enforcement Directorate has provisionally attached his assets, including nine immovable properties, worth ₹26.65 crore.
The Directorate stated that Mr. Rai was found involved in extortion of huge amounts of money from different companies and corporate houses. He allegedly generated and laundered the proceeds of crime worth at least ₹29.58 crore. The funds generated were projected as receipt from different companies in the name of consultancy services provided by him.
Mr. Rai sent cash to different companies and asked them to return it to him through banking channels. To give genuine and legal shape to those transactions, he insisted on the companies to enter into consultancy agreements with him, the Directorate further alleged. The Directorate had arrested him on June 8 under the PMLA.