Money laundering law: Former Jharkhand minister gets 7-year RI

PTI Ranchi | Updated on January 12, 2018 Published on January 31, 2017

Former Jharkhand Minister Hari Narayan Rai (file photo)

Former Jharkhand Minister Hari Narayan Rai has been sentenced to seven years rigorous imprisonment by a special court here, making it the first case of conviction under anti-money laundering laws in the country since the PMLA Act was first enforced about 12 years ago.

The court also imposed a fine of Rs 50,000 on Rai.

The instance pertains to the money laundering case involving former state Chief Minister Madhu Koda. The case was unearthed by the Enforcement Directorate in September 2009 in which a number of arrests were made and assets worth hundreds of crores were attached.

Rai, the former Tourism, Urban Development and Forests Minister in the Koda cabinet, was convicted by the special court yesterday for laundering funds to the tune of over Rs 3.72 crore.

“Rai has been pronounced guilty under section 3, read with section 4, of the Prevention of Money Laundering Act and has been sentenced to 7 years RI, the maximum under the said Act and has been additionally fined Rs 5 lakh.The court found him guilty to launder the proceeds of crime to the tune of Rs 3,72,54,016,” the agency said.

A senior official added, “This is a historic judgment as this becomes the first conviction under the PMLA in the country which was enacted in 2002 and implemented from 2005 in order to check and curb black money and grave financial crimes.”

The ED had taken over this case in September 2009 after taking cognisance of Jharkhand Vigilance Bureau’s FIRs in the case and had filed three chargesheets in the case since then.

Published on January 31, 2017

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.