Stories
Court Denies Anticipatory Bail to Nayan N Raheja in Money Laundering Case
- •Saket District Court dismissed Nayan N Raheja's anticipatory bail plea in a money laundering case related to non-delivery of flats by Raheja Developer Ltd. (RDL).
- •The court cited Raheja's non-cooperation with the Enforcement Directorate (ED) investigation, noting he appeared only twice out of seven summons.
- •Special Judge (PMLA) Sachin Jain stated that not being named or charge-sheeted in predicate FIRs does not absolve him from PMLA proceedings without demonstrating he didn't deal with proceeds of crime.
- •The court found that the twin conditions under Section 45(1)(ii) of PMLA were not satisfied, as Raheja failed to show reasonable grounds for believing he is not guilty.
- •The ED's case alleges that RDL collected funds from homebuyers for projects but misappropriated them, failing to deliver completed units.
Key Questions Answered
The court dismissed the anticipatory bail application because of his conduct in failing to appear and cooperate with the Investigating Officer when summoned, and because the twin conditions under Section 45(1)(ii) of the PMLA were not satisfied.
The money laundering case stems from multiple FIRs alleging that Raheja Developers collected substantial funds from homebuyers for residential and commercial projects but misappropriated the money instead of completing construction or delivering units on time.
The counsel argued that Nayan Raheja was not charge-sheeted in the predicate offences, had no proceeds of crime attributable to him, and was never involved in day-to-day management or decision-making as he only served briefly as a director and held a minor share.
