ED secures conviction in high-profile money laundering case against ex-CMD of NALCO

New Delhi [India], July 21 (ANI): The Enforcement Directorate (ED) has secured a conviction in a high-profile money laundering case involving former Chairman-cum-Managing Director (CMD) of National Aluminium Company Limited (NALCO), the agency said on Monday.
Those convicted are Abhay Kumar Srivastava, former Chairman-cum-CMD of NALCO, his wife Chandni Srivastava, along with Bhushan Lai Bajaj and his wife Anita Bajaj, said the ED.
The conviction was pronounced on Monday by the Special Judge (Prevention of Corruption Act), CBI-21, Rouse Avenue Court Complex, New Delhi, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
ED commenced an investigation based on a Central Bureau of Investigation (CBI) FIR registered on February 25, 2011, against Abhay Kumar Srivastava and others. The FIR invoked Sections 120 of the Indian Penal Code, 1860, and Sections 7 and 12 of the Prevention of Corruption Act, 1988, relating to the acceptance of illegal gratification.

It was alleged that BL Bajaj acted as an intermediary to receive bribes from GS Bhatia of the Bhatia Group of Companies in return for extending undue official favours.
"Accused Chandni Srivastava, using forged identity documents and the forged signatures of Anita Bajaj, impersonated her to open a bank account and locker. The CBI subsequently seized movable assets, including gold bars and cash, from the said locker," said the ED in a statement.
During the course of investigation under PMLA, 2002, the ED said it attached the movable assets belonging to Abhay Srivastava worth Rs 2.23 crore and filed a Prosecution Complaint against him, his wife Chandni Srivastava, BL Bajaj and his wife Anita Bajaj before the Special Court on March 31, 2015.
The ED successfully demonstrated that "illegal gratification was generated when Abhay Kumar Srivastava accepted illicit payments through BL Bajaj in connection with a coal supply tender floated by NALCO. The illicit funds were layered and concealed through the purchase of gold bars, which were stored in a bank locker."
The court acknowledged the sophisticated modus operandi adopted by the accused, said the agency.
The laundering process included the use of a benami bank locker in the name of Anita Bajaj, which was opened and operated by Chandni Srivastava using forged identification documents and impersonation.
As per the agency, the court accepted the statutory presumption that the proceeds of crime were involved in money laundering and that the burden to prove otherwise was not discharged by the accused.
"This landmark judgment follows a robust and comprehensive prosecution conducted by the ED. The court, in its detailed judgment, upheld arguments advanced by the ED, affirming a clear pattern of criminal activity and laundering of illicit proceeds of crime."
The ED further said that it is unwavering in its commitment to tracking illicit financial flows and ensuring that those who engage in laundering the proceeds of crime are brought to justice. "This conviction reaffirms the effectiveness of the PMLA and the determination of ED in combating economic offences." (ANI)