Court rejects bail plea of Vijay Gupta in Rs 764cr bank loan fraud

Mumbai: Observing that it was prima facie made out that the accused was involved in preparing all the forged and highly inflated documents used to avail maximum loan from the bank, resulting in cheating and generation of proceeds of crime worth Rs 764 crore, a special PMLA court rejected the bail plea of Vijay Gupta. He was arrested in March in the bank loan fraudcase. "Once it is brought on record that the proceeds of crime were generated, and that the applicant not only handled the proceeds of crime but also layered and tried to siphon them off, the provisions of PMLA squarely apply," the judge said. tnn Mumbai: Observing that it was prima facie made out that the accused was involved in preparing all the forged and highly inflated documents used to avail maximum loan from the bank, resulting in cheating and generation of proceeds of crime worth Rs 764 crore, a special PMLA court rejected the bail plea of Vijay Gupta.He was arrested in March in the bank loan fraud case. "Once it is brought on record that the proceeds of crime were generated, and that the applicant not only handled the proceeds of crime but also layered and tried to siphon them off, the provisions of PMLA squarely apply," the judge said. tnn