Mumbai News: Special PMLA Court Rejects ₹1500 Crore Foreign Remittance Scam Accused's Plea To Travel Abroad For Family Holidays

Mumbai: The special PMLA court has refused to permit a businessman involved in Rs 1500 crore foreign remittance scam, to travel to UAE and UK for holidays. The court said, the right to travel is not absolute. The court said no urgency was put forth in the plea and the trip is only for holidays.

The city based businessman, managing director of Auro Gold Jewellery, Ritesh Jain had moved an application seeking to travel to UAE and UK for family holidays. In his plea Jain had claimed, “On account of the turmoil that the family faced after the onslaught of cases against Jain and their companies, his family has been in complete disarray and is under extreme mental turmoil and pressure.”

“His father died recently and his widow mother is currently living with him. The entire family life of Jain has been tense and the upbringing of his children for the last few years has been gravely affected. In order to weed out negativity and instill enthusiasm and positivity in his family life, Jain and his family have booked a holiday trip for UAE and UK for 15 days,” Jain’s lawyer had contended.

The plea was objected by ED’s prosecutor RR Yadav had opposed the plea claiming that being the kingpin of an entire set up designed to park funds outside the country, established a web of entities and appointed dummy directors in such entities.

Yadav had claimed that Jain and his associates incorporated paper companies and funds from these entities were transferred to M/s. Rajeshwar Exports Private Limited, a company operated by Jain and outward remittances were made for import of jewelry and diamonds.

On scrutiny of the bank accounts, it is revealed that the accounts of M/s. Rajeshwar Exports Private Limited have been used for remitting funds overseas in the guise of payment of imports for the purpose of parking of tainted funds abroad. It was claimed that around RS 1500 crores had been remitted out of the country.

It was further submitted that It is submitted that a serious investigation is pending by the C.B.I. and Enforcement Directorate and investigation of the economic offence is in progress. If Jain is granted permission to leave India by lifting the Look Out Circular, he will not return.

The special judge RB Rote, after hearing both the sides observed that, “the right to travel abroad is an aspect of fundamental right guaranteed under the Constitution of India but the right to travel abroad is not an absolute right and it is subject to certain restrictions in respect of ongoing investigation of the criminal cases.”

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“Perusal of the application and the contentions of the applicant, it shows that applicant wanted to travel abroad only for the purpose of a holiday trip and no urgent or compelling reasons are mentioned in the application for travel abroad. The applicant is involved in serious economic offence of money laundering in respect of a huge amount and the investigation is in progress. No any urgent/ compelling reason is shown for travel abroad,” the court said rejecting Jain’s plea.