Karnataka HC grants bail to Bineesh Kodiyeri in money laundering case, to be released on Friday – The New Indian Express

Express news service

BENGALURU: Exactly one year after his arrest by the Directorate of Execution (ED), Bengaluru area, under the Prevention of Money Laundering Act (PMLA), 2002, Bineesh Kodiyeri was released on bail by the Karnataka High Court on Thursday. Bineesh is the son of Kerala Chief CPM Kodiyeri Balakrishnan.

Bineesh has been in judicial custody at Bengaluru Central Prison in Parappana Agrahara since his arrest on October 29, 2020 under section 19 (1) of the PMLA, after his name surfaced during questioning of the ‘accused Mohammed Anoop. Mohammed was arrested in August last year by the Narcotics Control Bureau (NCB), Bengaluru area under the Narcotics and Psychotropic Substances Act 1985 (NDPS).

Sources said Bineesh could be released from prison on Friday. Judge MG Uma, at the Dharwad Bench of the Karnataka High Court, delivered the judgment authorizing the motion filed by Bineesh with conditions.

Bineesh seized the High Court in March 2021 after the special court dismissed his request for bail on February 22, 2021. The ED argued that Bineesh, who is accused number 4, was involved in financing the trafficking drug report of Mohammed Anoop, who is accused number 1, and others involved in the crime.

It was argued that the investigation revealed Bineesh’s active collusion in the offense. Thus, he was bringing the profits of the illegal drug trade into the traditional financial system to escape the clutches of law enforcement agencies, including ED.

The ED said Bineesh was actively linked to possession or use and was projecting or claiming it as uncontaminated property and was guilty of a money laundering offense. Thus, he committed the offense provided for in the Prevention of Money Laundering Act 2002 and generated the crime process. Thus, he committed the offense of money laundering under section of the law punishable under section 4 of the law.

On December 26, 2020, the ED had filed the prosecution complaint against Bineesh and his two associates – Anoop and Rijesh Ravindran – under the PMLA before the designated court.

The ED had said that Bineesh had seven to eight bank accounts in Kerala in which unrecorded cash deposits amounting to millions of rupees had been deposited by unknown sources over the past four to five years. “He has been involved in transferring / superimposing huge proceeds of crime on various bank accounts,” the managing director said.

“Bineesh is said to have created shell companies in which Rijesh and Anoop are presented as partners and directors. Bineesh financed Anoop’s narcotics trade in Bengaluru. The latter’s financial transactions were carried out on Bineesh’s instructions. revealed that Anoop is the benaamidar of Bineesh. Kodiyeri, “the ED claimed, as well as a” glaring mismatch between Bineesh’s tax returns and his actual income in recent years. “

Previous Airtel Africa plans broadband and mobile money surge after record first half year
Next Live Stock Market Updates: Sensex Clears Losses, Recovers 60K; Nifty is approaching 17,900; IRCTC recovers as railway withdraws decision on revenue sharing