You are here: Home » News-ANI » National
Business Standard

NRI businessman CC Thampi gets bail in money laundering case

Law Crime


A special court here on Wednesday granted bail to businessman CC Thampi in connection with a money laundering case pertaining to the overseas properties related to Robert Vadra.

Special Judge Arvind Kumar granted bail to Thampi on a personal bond of Rs 5 lakhs with two sureties.

The court had on Tuesday sent Thampi to judicial custody till February 7 and reserved its order on a bail plea filed by him in connection with a money laundering case.

Appearing on behalf of Thampi, senior advocates Raju Ramachandran and Mohit Mathur had on Tuesday sought bail, while the Enforcement Directorate (ED) opposed granting bail and sought an extension on his remand.

According to ED, Thampi, along with Sanjay Bhandari and Vadra conspired together to launder money.

Thampi, an NRI, and his three companies -- Holiday City Centre, Holiday Properties, and Holiday Bekal Resorts -- were on ED radar "under FEMA for an aggregate amount of Rs 288 crore".

The ED has booked Thampi, who has businesses extending across India and the UAE, under the Prevention of Money Laundering Act (PMLA) in connection with alleged wrongful approval for an engineering college in Thrissur by the All India Council for Technical Education in 2009.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 29 2020. 18:06 IST