Ex-Cong MLA arrested for illegal money transactions

Former Congress MLA Rajesh Jain was arrested today for allegedly making illegal money transactions using "fake bank accounts" at the time of demonetisation, the police said.
Last year, the Crime Branch had registered a case of cheating and forgery against lawyer Rohit Tandon, Ashish, a bank manager, Kamal Jain, Dinesh Bhola, Raj Kumar Goel, R C Sharma, Yogesh Mittal and Jain.
They had allegedly conspired to exchange the demonetised Rs 1,000 and Rs 500 notes for new notes that were introduced and to earn a huge profit by illegal means.
The case was registered to unearth deeper organised rackets that were exchanging old currency.

In a raid conducted on December 10 last year, Rs 13.5 crore was seized from a law firm's office in southeast Delhi's GK-I area, of which Rs 2.6 crore was in new currency released after demonetisation.
The raid was carried out at the office of T&T law firm owned by Rohit Tandon, against whom an FIR was registered.

The former Congress MLA was arrested for allegedly conspiring with Tandon to make illegal money transactions by using fake bank accounts worth Rs 50 crore, the police said.
It was found during investigation that the forged documents and shell company accounts were used to carry out huge transactions to earn huge profits, they said.

Jain has also come under the scanner of the Enforcement Directorate (ED) as part of a money laundering probe registered by it on the police FIR.
It had searched his premises in May this year.
Jain is also being investigated for his alleged links with businessman Gagan Dhawan, who has been arrested by the ED recently under the anti-money laundering law.