IRS Officer Granted Bail

IRS officer granted bail

A senior IRS officer’s bail is granted by a trial court, who was earlier arrested by CBI for allegedly diluting I-T appraisal reports of arms dealer Suresh Nanda’s companies, in a money laundering case lodged by Enforcement Directorate(ED). Special judge VK Gupta released Ashuthosh Verma on bail on furnishing a personal bond of Rs two lakh with two sureties of like amount. The judge however imposed several conditions on Verma, including that he shall not leave the country without prior permission in any manner or contact any witnesses.

The court said that there is nothing on record to show that the accused has not joined the investigation before ED. Statement of the accused under the provision of Prevention of Money Laundering Act (PMLA) has already been recorded and investigation completely by the ED. Keeping in view the nature and gravity of offences, severity of the punishment and the totality of the facts and circumstances of the present case, accused Ashuthosh Verma is admitted to bail.

The VErma has been booked by ED entails a maximum punishment of seven years in the offence of money laundering. Verma in his bail, plea, had said there was no evidence to show that he or his family members were the real owner of property at Morgim at Pernem in Goa and no prima facie case was made out against him. The Ed had opposed Verma’s bail plea saying in view of the nature and gravity of offences there was apprehension of the witnesses being influenced or evidences being tampered with.

In January, the ED which has been probing this case since 2012 for alleged mony laundering charges, had attached the property in GOA. In 2008 the Verma and Nanda had arrested by CBI from a hotel in Mumbai in connection with the case in which ED had also lodged a complaint alleging laundering on money.

In November 2012, CBI had alleged that Verma abused his official position and “deleted and diluted” the income tax appraisal report prepared by him to minimise the tax liabilities of Nanda’s companies for obtaining pecuniary advantages in its charge sheet.


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