New Delhi, Oct 16 (UNI) Taking cognizance of the prosecution complaint filed by Enforcement Directorate (ED) against Sanjay Bhandari and other co-conspirators, the PMLA Court in Delhi has asked the probe agency to expedite the process of extradition against him so that Sanjay Bhandari can be brought to India for trial in accordance with law.

The extradition process of Bhandari has been pending before UK Authorities.

ED officials said that a prosecution complaint by the agency under section 44 and 45 of Prevention of Money Laundering Act, 2002 (PMLA) was filed on June 1 this year against Bhandari and other co-conspirators, including various companies floated by him in overseas jurisdiction, for the offence of money laundering under section 3 of Prevention of Money Laundering Act (PMLA) and punishable under section 4.

A complaint under Section 51(1) of the Black Money (Undisclosed Foreign Income and Assets and Imposition of Act, 2015 ( Black Money Act) was filed against accused Sanjay Bhandari before Ld. ACMM by Income Tax authorities in pursuance of proceedings initiated against him by the Income Tax Department under the provisions of Black Money Act.

During the course of investigation it was revealed that Sanjay Bhandari owned assets in various foreign jurisdictions, incorporated various entities in UAE as owner beneficial owner and also had financial interest in entity incorporated in Panama. It was also revealed that all those foreign assets and entities were not disclosed by Sanjay Bhandari to Income Tax authorities in India, the central financial probe agency said.

“It was revealed that accused Sanjay Bhandari stashed black money abroad with the assistance of his accomplices to evade taxes causing huge financial loss to the national exchequer which is an offence under Section 51 of the Black Money Act is a scheduled offence under PMLA and ED’s investigation was undertaken against him”,the probing agency said.

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