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1st money laundering conviction: Ex-Minister jailed for 7 years

1st money laundering conviction: Ex-Minister jailed for 7 years
In the first money laundering conviction in the country, former Jharkhand Minister Hari Narayan Rai has been sentenced to seven years rigorous imprisonment and fined Rs 5 lakh by a special court here.

The maiden conviction, ordered on Monday by the court of Special Judge B K Tiwari, has come after the Prevention of Money Laundering Act (PMLA) was enforced 12 years ago and it saw Rai, former state Chief Minister Madhu Koda's cabinet colleague, being convicted for laundering funds to the tune of over Rs 3.72 crore.

The case pertains to the money laundering probe involving Koda and others and was unearthed by the agency in September 2009 in which a number of arrests were made and assets worth hundreds of crores were attached.

"Rai, as Minister in the Jharkhand government, during the period 2005-08 laundered his illegal income through purchase and acquisition of various assets by misappropriation of public money and using the same for his personal benefits," the ED said in a statement issued after the order of conviction.

Rai, elected as an MLA from the Jarmundi Assembly seat in Dumka district, held Cabinet portfolios like that of Tourism Development, Urban Development, Rural Works and Forests not only in the Koda cabinet but also in the government of former CM's like Arjun Munda and Shibu Soren.
Agencies

Agencies

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