BUSINESSMAN KATYAL IN CONNIVANCE WITH LALU HATCHED CONSPIRACY: ED

The Directorate of Enforcement (ED) has stated that businessman Amit Katyal in connivance with RJD President Lalu Prasad Yadav hatched a conspiracy to incorporate a company in ROC Delhi and buy land parcels situated in Bihar from prospective job seekers.

ED said that Amit Katyal hatched this conspiracy when Lalu Prasad Yadav was holding the Railways Ministry portfolio at the Centre.

Advocate Manish Jain appeared for the Enforcement Directorate and submitted before the Court that Amit Katyal knowingly aided and assisted Lalu Prasad Yadav and his family members in the process or activity connected with the proceeds of crime--by way of the acquisition of the proceeds of crime, concealing the proceeds of crime and then projecting the proceeds of crime as untainted.

“In doing so, he concealed the proceeds of crime from their true origin. While doing so, he knowingly and consciously projected the receipt of Proceeds of Crime as a legitimate transaction by keeping the shareholding of AK Infosystems Pvt Ltd with himself to conceal the illegal gratification and later on transferring it to Tejashwi Yadav and Rabri Devi,” Advocate Manish Jain added.

Amit Katyal shielded the real beneficiary of the proceeds of crime and then, while transferring the PoC to its real beneficiary, projected the transaction as a normal business transaction, thus indulging in the offence of money laundering, the ED lawyer said.

In the matter, ED, through its lawyer, alleged that Bihar’s former Chief Minister Rabri Devi played an instrumental role in the acquisition of proceeds of crime and further usage of proceeds of crime to integrate proceeds of crime in the mainstream economy to project the acquisition of POC as untainted. According to the Enforce