The Delhi High Court in the case Kewal Krishan Kumar v. ED observed and has granted bail to Kewal Krishan Kumar, who being the chairman and managing director (CMD) of Delhi-based Shakti Bhog Foods Limited, in a money laundering case.
The bench headed by Justice Jasmeet Singh in the case observed and has granted relief to Kumar in the case registered by Enforcement Directorate.
The bench of Justice Singh stated while pronouncing the order that, I have held applicant is not sick but he is
entitled to bail.
In the present case, Kumar was being arrested by the probe agency on July 04, 2021 and as per the press release which is issued by ED at that time, the arrest was in continuation of search being carried out of nine premises located in Delhi and Haryana during which various incriminating documents and digital evidence was recovered.
Therefore, it has been initiated by the ED the money laundering probe on the basis of an FIR registered by CBI against Kumar and various others for allegedly engaging in criminal conspiracy, cheating and criminal misconduct.
However, the allegations were being made that they indulged in diversion of funds from loan accounts by “round tripping of funds” through related entities and siphoning of funds was being done by way of suspicious sale or through purchase from various entities.
It has also been alleged by the ED that M/s Shakti Bhog Snacks Ltd., in association with Kumar, Raman Bhuraria (the Chartered Account) and Devki Nandan Garg were involved in the paper sale or the purchase transactions without conducting any actual business transactions which resulted in the false inflation of the financials.
Accordingly, the bench of Justice Singh has already granted bail to Bhuraria and Garg.