The Enforcement of Directorate (ED) has moved the Supreme Court seeking direction of cancellation of bail granted to Bineesh Kodiyeri, son of former Kerala State Secretary CPI(M) Kodiyeri Balakrishnan by Karnataka High Court in an alleged Money Laundering case.
Supreme Court of India (Photo SNS)
The Enforcement of Directorate (ED) has moved the Supreme Court seeking direction of cancellation of bail granted to Bineesh Kodiyeri, son of former Kerala State Secretary CPI(M) Kodiyeri Balakrishnan by Karnataka High Court in an alleged Money Laundering case.
The plea filed by the ED, through advocate, MK Maroria, before the Supreme Court has said that the economic offences have deep rooted conspiracies and involve huge loss of public funds and as such they need to be viewed seriously.
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The ED has moved the Supreme Court challenging the order of the Karnataka High Court which had in its order granted bail to
Kodiyeri in an alleged Money Laundering case.
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Keeping the fact and considered as grave offence affecting the economy of the country as a whole, thereby posing serious threat to the financial health, the ED has moved the Supreme Court seeking appropriate direction in the case.
It has been stated in the plea by the ED that the voluminous documents that were collected by the Investigating Officer clearly disclosed that there are shady transactions under which huge amounts were deposited, transferred and withdrawn.
“There is no proper explanation for any of these transactions. The details of the cash so deposited as highlighted in the complaint is over crores of rupees in different banks — IDBI, HDFC, SBI and Federal Bank. But no such transactions were disclosed in his the Income Tax Returns,” the plea said.
The ED has inititated the investigation against Kodiyeri, under Prevention of Money Laundering Act, after a case was registered for offences under section 22 and 27-A of the NDPS (Narcotics Drugs and Pschycotropic Substances) Act in the drug recoveries at various places.
Later the NCB (Narcotics Control Bureau) revealed a deep rooted organised drug trafficking and network in Bengaluru City involving highly influential Indian and Foreign Nationals and also about involvement of high-profile individuals as part of the organised crime.
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