In its detailed order granting bail to actor-businessman Sachin Joshi, the special court has said that no prima facie case of money laundering can be made out against him. Joshi was arrested by the Enforcement Directorate (ED) following allegations that he had received funds that were part of proceeds of crime linked to Omkar Group.
The ED had alleged that of the Rs 410-crore loan taken by the realtor company from Yes Bank, Joshi had received Rs 80 crore.
It added that the money taken as a loan was used for different purposes and was subsequently laundered.
Special Judge M G Deshpande, while granting bail to Joshi on Monday, had said that mere vague statements that the amount had gone to Joshi are not sufficient.
“…it is obligatory on the part of ED to prima facie show bank entries relating to flow of money, its source and roots. Mere vague statements that Rs 410 crore loan amount given by YES Bank is POC (proceeds of crime) and Rs 80 crore thereof gone to the account of applicant Sachin Joshi are not sufficient as bank entries are the best evidence. The complaint contains only flow charts without details of bank entries corresponding the amounts mentioned thereof,” the court said.
It added that there is no satisfactory bank statement or any other document to show that Joshi had received money from the group linked to the Yes Bank loan.
It said that the ED had not shown how Rs 410 crore was sent to another account of the group, adding that bank statements do not corroborate the witness statements recorded in the case.
The court also accepted Joshi’s contention that he had received a certain amount to lend his name to a project by the realty group because of his brand value as an actor and the realty projects he has undertaken in the past.
It further said that while the ED had alleged that Joshi’s companies existed only on paper, it was not prima facie probable.