Big set back for Raghav Bahl! Delhi HC rejects plea challenging ED probe
The Delhi High Court on Monday refused to quash Enforcement Directorate’s (ED) money laundering case against media baron Raghav Bahl, saying the plea was “premature”. The Court also rejected Bahl’s challenge to the Look Out Circular (LOC) against him, observing the issue of the generation of “proceeds of crime” being investigated. The Court, however, said the petitioner’s liberty to travel abroad in genuine circumstances cannot be curtailed and clarified his plea seeking permission to undertake such travel will be decided by the courts concerned whenever filed.
The ED case against the petitioner arises from a complaint by the Income Tax (IT) Department and concerns the alleged laundering of funds to purchase an alleged undisclosed asset in London.[1]
PGurus in 2018 and 2019 did a series of reports on media baron Raghav Bahl, founder of Network 18 and Quint portal in stock exchange manipulations and money laundering through shell firms. Bahl and wife Ritu Kapoor’s stock exchange manipulations through a company called PMC Fincorp were reported by PGurus in 2018.[2]
PGurus in 2019 reported how Bahl and his wife money laundered and manipulated the stock exchange by fluctuating a shell firm’s share prices and minted money. The little-known Gaurav Mercantiles share price surged from Rs.20 to Rs.148 in just six months by the dubious games of the media baron.[3]
On Monday, rejecting Bahl’s petition, Justice Jasmeet Singh said: “I am of the view that the petition itself is premature…There are allegations in the complaint regarding tax evasion. The allegations are yet to reach the stage of the trial. Whether there is the generation of proceeds of crime or not is being investigated. For aforesaid reasons, the petition for relief of quashing the ECIR (Enforcement Case Information Report) is premature and is rejected”.
“The allegations against the petitioner are with regard to compromising the economic interest of India. The quashing of LOC at this stage again will be premature,” added the Judge.
The Income Tax Department had earlier initiated proceedings against the media baron under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015 for irregularities in the returns filed for the assessment year (AY) 2018-2019.
Reference:
[1] Enforcement Directorate charges media baron Raghav Bahl for money laundering – Jun 07, 2019, PGurus.com
[2] Tax Raids, Press Freedom or PMC Fincorp – what are you hiding Mr. Raghav Bahl? – Oct 14, 2018, PGurus.com
[3] Why did the shares of a little known company Gaurav Mercantiles surge from Rs.20 to 148 in just six months? – Jul 09, 2019, PGurus.com
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It is violation of human rights and restricting the liberty. All the poor man wants to do is go abroad and take care of his money. Until the money is good or bad is decided, it is good money, allow him the freedom. With the kind of money he has, he will ensure that the case will not come to trial till he dies and the inheritance will pass on the the next generation as clean money.
Well done High Court