Lamjingba Chairman sent to jail
Source: The Sangai Express

Imphal, January 30 2023: Lamjingba Group of Companies Chairman Sanasam Jacky has been sent to jail following his arrest by the Enforcement Directorate (ED) from Kolkata on January 21 .

Chief Judicial Magistrate, Imphal West today remanded Sanasam Jacky to judicial custody in connection with a money laundering case taken up by the ED.

Sanasam Jacky was produced before the Court after completion of police custody period along with a prayer for judicial custody remand.

Through a Special PP, the IO of the case submitted that statements of the accused were recorded while he was in the custody of the ED and he reportedly admitted his direct involvement in laundering money.

The investigation is still under progress and statements of other co-accused persons are in the process of being recorded and as such, further interrogation of Sanasam Jacky in ED custody may be required for verifying statements of the co-accused persons and also for cross examination, the IO said.

Lamjingba Chairman sent to jail

Sanasam Jacky was found in possession of several assets, both movable and immovable, which were derived from proceeds of crime as defined under section 2(1)(U) of Prevention of Money Laundering Act.

The Special PP also submitted that during the course of custodial interrogation, the accused confessed that he had transferred the ownership and titles of some of his assets, both moveable and immovable by way of direct sale, mortgage etc, in connivance with other associates.

Huge amounts of money collected illegally were transferred, placed and layered in various bank accounts of the Lamjingba Group and in the personal accounts of the accused and his associates.

These funds were subsequently invested for acquisition of several properties by the accused and used for his personal expenses, the Special PP told the Court.

Investigation to identify and ascertain all properties acquired by the accused out of proceeds earned from operating Ponzi scheme is under process, the Special PP said.

Further Sanasam Jacky has several bank accounts, both in India and abroad, and verification and scrutiny of all the transaction details is in process, according to the IO.

In addition to the recovery and seizure of Rs 34 lakh from the accused at the time of arrest, he is suspected to have concealed and stashed more unexplained cash at different locations/premises, the IO submitted.

Moreover, books of accounts of Lamjingba Group of Companies have not been made available fully.

Hence it is difficult to ascertain the quantum of proceeds amassed by the Chairman unlawfully, the Special PP said and prayed for judicial custody remand.

The Court, after hearing the submission of the Special PP ED, defence counsel of the accused and on perusal of the material available on record, observed that more detailed investigation is required and that many incriminating materials are yet to be recovered.

The Court then remanded Sanasam Jacky to judicial custody till February 13 .

Notably, various incriminating documents such as copies of sale deeds of properties owned by Sanasam Jacky and his associates as well as Lamjingba Group of Companies, unexplained Indian currency amounting to Rs 34 lakh, list of investors containing the details of companies incorporated abroad in Japan, USA, Maldives, Commercial Bank of Dubai, details of investment in bitcoins, list of loans sanctioned by Lamjingba Finance against properties and list of RC books of vehicles owned by Lamjingba Cab Services were also recovered and seized from the possession of Sanasam Jacky.