KOCHI
The currencies worth nearly ₹1 crore, found in the bank lockers of Swapna Suresh, one of the accused in the gold smuggling case, were proceeds of the crime, Kauser Edappagath, the Principal Sessions Judge, Ernakulam, has concluded.
The judge refused to buy the arguments of the accused that the money found in the locker was part of the commission she received “by executing deals between UAE Consulate and UAFX Solutions Pvt. Ltd, Forth Force, Unitac Builders and Sane Ventures and for project of-renovation of 150 homes in Kerala during Kerala floods in 2018.”
While rejecting the bail application of the accused under the Prevention of Money Laundering Act, 2002, the court pointed out that it was prima facie clear that the amount found in the bank locker was not acquired through commission as stated by the petitioner.
The court also took note of the statement of Santhosh Eappen of Unitac Builders that he gave commission to all three accused in the case including Swapna through bank transfer into the bank account of M/s. ISOMONK Trading Company with Axis Bank, Sasthamangalam Branch and not to the petitioner as claimed by her.
Section 24 of the Act states that the court shall presume that the proceeds of crime are involved in money laundering in any proceedings unless the persons charged with the offence of money laundering proves to the contrary, the judge pointed out.
The court noted that prima facie, there were materials on record to show the involvement of the petitioner in the crime. The investigation of the case is in its preliminary stage. The illegal activities of money laundering posed a great and serious threat to the financial system and the integrity and sovereignty of the country, the court noted.
The court said the petitioner was an influential lady and granting bail to the petitioner at this stage may affect the smooth progress of the investigation. The possibility of the petitioner influencing the witnesses and interfering with the investigation cannot be ruled out, the court said.
Considering the gravity of the offences and the stage of the investigation, the court rejected the bail application.