Rs 662 Crore Collected From Homebuyers: HC Denies Bail to Bajwa Developers Chief
The court said 41 FIRs and evidence of Rs 662.49 crore in alleged diverted homebuyer funds did not meet PMLA bail standards.
4 Articles
4 Articles
Rs 662 Crore Collected from Homebuyers: HC Denies Bail to Bajwa Developers Chief
Justice Manisha Batra, while dismissing Bajwa's petition against the ED, said the allegations and material placed before the court did not satisfy the stringent conditions prescribed for grant of bail under the Prevention of Money Laundering Act (PMLA).
Real estate businessman Jarnail Singh Bajwa, Chairman and Managing Director of Bajwa Developers Limited, received no relief from the Punjab and Haryana High Court. The High Court rejected his bail plea. This case is related to a money laundering case filed by the Enforcement Directorate (ED). The ED alleges that funds received from home and plot buyers were used for purposes other than the project and diverted. According to the ED, many buyers i…
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