Bizman Raj Kumar Goel sent to 3-day ED custody in money laundering case

NEW DELHI: Businessman Raj Kumar Goel, arrested in connection with alleged illegal conversion of Rs 38 crore demonetised currency notes, was today sent to three- day ED custody by a Delhi court after it was told that he was required to unearth the money trail.

The Enforcement Directorate had sought five day custody of Goel alleging he had conspired with arrested Kotak Mahindra bank manager Ashish Kumar, currently in judicial custody, to earn a huge commission as illegal gratification by converting the blackmoney through demand drafts.

The court, however, granted Goel's custody to the probe agency only till January 13.


"The ED custody of accused is sought to ascertain further trail of proceeds of crime involved in the present case, beneficiaries of proceeds of crime, role of other suspected persons involved in the laundering of proceeds of crime and to identify the properties acquired from proceeds of crime by accused persons.

"The accused is also to be confronted with other accused persons involved in the case. In view of the above, Raj Kumar Goel is remanded to ED custody for three days," Additional Sessions Judge R K Tripathi said.

Goel was arrested last evening by the ED for offence under Prevention of Money Laundering Act (PMLA).

In the application, ED's Special Public Prosecutor Vikas Garg said Goel's custodial interrogation was necessary for the purposes of further investigation under PMLA which is at a "very crucial stage".

"From investigations under the provisions of the PMLA, it has been revealed that accused Goel, in conspiracy with Ashish Kumar, manager of Kotak Mahindra Bank, earned huge commission as illegal gratification by converting black money in the form of old demonetised currency notes into new currency by way of issuing demand drafts in fictitious names," the prosecutor alleged.