Delhi HC seeks response on bail plea of accused in PMLA case linked to cheating of Rs 48000 crore

New Delhi [India], August 12 (ANI): The Delhi High Court on Tuesday issued notice to the Enforcement Directorate (ED) on the bail plea of businessman Harsatinder Pal Singh Hayer. He is an accused in a money laundering case linked to the alleged fraud of Rs 48000 crores with investors.
Hayer is the son-in-law of the late Pearls Group chairperson Nirmal Singh Bhangoo. This case is linked to Pearls Agrotech Corporation Limited. Hayer is on bail from the Delhi High Court in the CBI's case.
Justice Girish Kathpalia issued a notice and sought a response to the plea. The matter has been listed on September 19 for further hearing.
Hayer's bail plea in the ED case was rejected by the Rouse Avenue court on July 25. Thereafter, he has moved to the Delhi High Court seeking bail. A fresh bail plea has been filed before the High Court.
Advocate Arshdeep Khurana, alongwith advocates Ayush Gaur, Ridhi Kapoor, Shruti Gupta, and Rishabh Luthra, appeared for Hayer.
On July 25, Special Judge (CBI) Jagdish Kumar rejected the bail plea of Harsatinder Pal Singh Hayer in the money laundering case in view of the nature of allegations levelled against him.
While dismissing the bail application, the court had said that the allegations against Hayer are that he indulged in a white collar economic offence where hard money of gullible investors was misappropriated.
" The gullible investors were allegedly duped to the tune of about Rs.48,000 crores. The economic offences are considered grave in nature," Special Judge observed in the order passed on July 25.
The court noted that he allegedly tried to destroy the electronic evidence.
"Though the trial of the case will take considerable time, considering the allegations against the accused and his role, I deem that he is not entitled to relief for enlarging him on bail. The application for grant of bail to the applicant/accused is dismissed accordingly," the Special Judge ordered on July 25.
The counsel for the accused Harsatinder Pal Singh Hayer argued that he has been in custody for about four months and the investigation against him has been completed. So his further custody is not required.
It was also argued that Hayer was not the Director of any company which has allegedly collected the money from the gullible investors.
He further contended that the accused is not a guilty mind or knowledge that the amount infused in Australian companies was collected illegally , hence it cannot be presumed that Hayer had knowledge of the same being collected by illegal means.
means.
On the other hand, the bail plea was opposed by the Enforcement Directorate (ED).
ED had submitted that Hayer is the son-in-law of Shri Nirmal Singh Bhangoo and he was also one of the Directors of the
two Australian Companies namely M/s Pearls Australasia Pty Ltd from February 2012 to January 2016 and M/s Australasia Mirage I-Pty Ltd from 13.02.2012 to 14.08.2014.
These are the companies to which POC, generated by duping the gullible investors, were diverted via M/s. PIPL, an associate company of M/s. PACL, ED has argued.
ED's cousnsel argued that Hayer has deliberately not disclosed the properties being purchased from proceed of crime being layered from PACL and its associate entities either in his personal account or in the account of companies of which he was one of the Director.
The ED had also argued that Hayer is one of the Directors of M/s Pearls Australasia Pty Ltd and M/s Australasia Mirage I-Pty Ltd, in which Rs. 657.18 Crore was infused.
It was further argued that a FIR registered at Police Station Zira, Punjab in 2020 and through investigation of that FIR facts were revealed that Hayer was indulged in sale purchase of properties being acquired from the proceed of crime layered by PACL. (ANI)