Court reserves order on bail plea of two in black money case

A Delhi court today reserved for next week its order on the bail plea of two Delhi-based businessman, arrested by Enforcement Directorate (ED) in connection with its probe in a Rs 8,000 crore money laundering and black money racket case.
Additional Sessions Judge Raj Kapoor reserved the order after listening to the arguments of the counsels of the ED and the accused persons.
During the hearing, the probe agency opposed the bail plea saying the investigation in the case is at an initial stage and if released on bail, accused Surendra Kumar Jain and his brother Virendra may tamper with the evidence.

The ED had arrested the accused on March 20, claiming that at least 90 shell firms were under its scanner and it had identified 26 of them for allegedly laundering around Rs 62.20 crore.
The case emerged after the ED filed a criminal complaint last month under the Prevention of Money Laundering Act (PMLA) based on a charge sheet of the Serious Fraud Investigation Office against certain individuals and firms.