Not only Nirav and Mallya, 36 businessmen fled recently, ED Admits
NEW DELHI: The Enforcement Directorate on Monday opposed the bail plea of Sushen Mohan Gupta, alleged defence agent arrested in the AgustaWestland VVIP choppers scam, saying there was a likelihood of him fleeing the country like 36 other businessmen who had criminal cases against them.
The ED told special judge Arvind Kumar that 36 businessmen, including Vijay Mallya and Nirav Modi, have fled from the country in the recent past.
The probe agency's special public prosecutors DP Singh and NK Matta countered Sushen Mohan's claim that he had deep roots in the society, saying, "Mallya, Lalit Modi, Nirav Modi, Mehul Choksi and Sandesara brothers (Sterling Biotech Ltd promoters) had deeper roots in the society yet they left the country. There are such 36 businessmen who fled from the country in the last few years."
ED's advocate Samvedna Verma said the probe was at a crucial stage and the agency was trying to find out who "RG" referred in the diaries of Sushen Mohan was.
Samvedna Verma also accused Sushen Mohan of influencing witnesses in the case and told the court that he also tried to destroy evidence. The court reserved the order on Sushen Mohan's bail application to April 20.
Sushen Mohan sought relief on the ground that the agency has already completed the investigation and filed a chargesheet in the case.
In his bail application, he said the ED's contention of flight risk can be rejected, considering his past activities, where he joined the investigation as and when summoned.
Sushen Mohan was arrested by the agency under the Prevention of Money Laundering Act.
The ED officials said Sushen Mohan's role in the case came to light on the basis of disclosures made by Rajiv Saxena, who has turned approver in the case after he was deported from the UAE and arrested by the agency.
It is suspected that Sushen Mohan has with him some payment details in the Rs. 3,600 crore deal of AgustaWestland VVIP choppers and the link is to be unravelled, the investigators said.
courtesy: ndtv.com
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
