Telangana High Court grants bail to accused in Rs 73 crore LC fraud
Hyderabad: Justice K Surender of the Telangana High Court granted bail to one of the accused in a money laundering case. Khagesh Kachhwal is the petitioner and accused in a case registered by the Enforcement Directorate, Hyderabad in connection with Rs 73 crore bogus letter of credit (LC) fraud. The public prosecutor argued that the […]
Hyderabad: Justice K Surender of the Telangana High Court granted bail to one of the accused in a money laundering case. Khagesh Kachhwal is the petitioner and accused in a case registered by the Enforcement Directorate, Hyderabad in connection with Rs 73 crore bogus letter of credit (LC) fraud. The public prosecutor argued that the petitioner was acting as entry operator and facilitating large-scale bogus LC discounting and providing large accommodation entries to assist money laundering activities of those involved in bank frauds. He further stated that the ED initiated money laundering investigation on the basis of an FIR registered by CBI, Chennai, against RE Cables & Conductors Private Ltd (RECC) and others for alleged misappropriation of SBI funds and causing wrongful loss to the tune of Rs 74.8 crore.
Investigation by the ED has revealed that Khagesh Kachhwal and Varanasi Dileep are one of the biggest entry providers in Hyderabad under whose assistance and guidance, RECC had fraudulently mis-utilized the credit facilities availed from banks. Their modus operandi was that the RECC would open various LCs in the name of shell entities controlled by them under the guise of short-term advances with the help of bogus documents. No goods/materials are supplied against such LCs. Subsequently, the LCs were discounted with a known bank and the amount received by discounting is diverted back to RECC so that it can tide over its cash flow crunch. Both the accused Khagesh Kachhwal and Varanasi Dileep were arrested and produced before the special PMLA court on June 26. The counsel for the petitioner contended that the no offence is attracted against the petitioner and he will abide any condition imposed by the court. The court after hearing both sides granted the bail and disposed the case.
Effluents in Musi
A two judge panel of Telangana High Court comprising of Chief Justice Ujjal Bhuyan and Justice CV Bhaskar Reddy on Wednesday granted two weeks time to Government of Telangana to file status report in a PIL pertaining to discharge of deleterious materials generated by the factories into Musi river. The PIL was filed by farmers of Golnepalli and Nemalikalva villagers of Valigonda mandal in Nalgonda district. Counsel for the petitioner contended that industries that are situated nearby the villages are dumping highly polluting deleterious materials to the river bodies which affect the quality of ground water and also the health of people. The matter will be heard on 15th September.
Gun license case
Justice Lalitha Kanneganti of Telangana high court on Wednesday held that pending criminal cases cannot be a base for rejecting arms license. The judge accordingly allowed a writ petition filed by Shyam Sundar Reddy of Shadnagar. Petitioner challenged the order of state government rejecting the renewal of arms license. The basis for rejection was that the report of commissioner of police that he is capable of creating law and order issues being involved in four crimes. The petitioner counsel V Raghunath submitted that pending the criminal cases license was granted and the same was renewed from time to time. He informed court that petitioner was acquitted from all the said crimes. Commenting that the rejection order is without application of mind, vague and mechanical in nature, the judge allowed the writ petition.
