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NSEL scam: Special court rejects Gagan Suri's bail, sends him to judicial custody

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A special court of the Prevention of Money Laundering Act (PMLA) on Tuesday rejected the bail application of Gagan Suri, who has been arrested by the Enforcement Directorate (ED) for his alleged involvement in the multi-crore National Spot Exchange Limited (NSEL) scam. The court remanded Suri in judicial custody till March 24.

Suri, through his company Yathuri Associates, is alleged to have received Rs361 crore from NSEL funds and diverted the money to a maze of companies.

Opposing Suri's bail application, ED told the court that Suri, during his custodial interrogation, had revealed some crucial information which needed to be verified and, hence, he should not be granted bail. ED also claimed that Suri had not fully cooperated and was concealing crucial facts.

The court was informed that Suri, along with his brother-in-law Onkar Anand, had allegedly formed several fake companies and the funds received from NSEL were routed through these companies. Suri allegedly formed Yathuri Associates for routing NSEL finances to Anand's group companies.

ED pleaded to the court that the claims made by Suri, that he had transferred a huge amount of money to group companies of Anand, had to be verified.

ED also expressed the fear that if Suri were to be granted bail, there's a possibility that he may attempt to influence other conspirators and witnesses. He may also attempt to destroy and tamper with evidence, which may affect the investigation which is at a crucial stage, it argued.

For investigation into the Rs5,600-crore scam, the ED has registered a separate case under the stringent PMLA and is conducting its own investigation in it. Suri is the first person to have been arrested by the ED. The Economic Offences Wing of the Mumbai Police is also conducting its investigation into the alleged scam and has so far arrested six people.

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