Court rejects bail application
Source: The Sangai Express
Imphal, December 27 2023:
Special Judge (Prevention of Money Laundering Act 2002) Imphal East today rejected the bail application filed by Sanasam Jacky, chairman of Lamjingba Group of Companies in connection with the case registered against him by the Enforcement Directorate.
The case was filed against Sanasam Jacky on charges that Lamjingba Group engaged in the business of illegal collection of money from the public with the promise of a high rate of return but it was not registered as a Non- Banking Financial Company (NBFC) under Section 45-1A of RBI Act.
It was instead incorporated with the Registrar of Companies, Shillong from 2016 onward by Sanasam Jacky.
Under the garb of Bombay Money Lenders Act 1946 (BML), the Group also allegedly indulged in providing loans/advances to public/borrower against the security of their property (Loan Against Property) with a very high rate of interest i.e.3 to 3.5 % per month (i.e.36% to 42 % per annum) .
The Group was allegedly functioning like a bank or NBFC without any valid registration and license.
Counsel of the petitioner cited Sanasam Jacky's poor health condition such as liver ailments, stomach problem, serious back pains, other diseases, his mother who suffered a stroke as a BP patient along with a declaration that the allegations against the petitioner by the ED are fabricated, as grounds for the petitioner to be released on bail.
On the other hand, PP Enforcement Directorate submitted that Lamjingba Finance had cheated more than 15000 odd gullible investors to the tune of more than Rs 300 crore approximately.
In this regard, Manipur Police registered seven cases at Imphal Police Station, Imphal West against Sanasam Jacky and other officials of Lamjingba Group of Companies for operating a fraudulent investment/deposit scheme during the period from 2016 to 2021 that promised investors a high return.
Several immovable/movable properties were acquired by the petitioner either in his own name or in the name of his family members in connivance with other accused persons.
The Court after hearing the submission of petitioner counsel and PP ED in length and on perusal of the material on record before the Court, rejected the bail application filed by the chairman of Lamjingba Group of Companies.