The CBI has found that a layered approach was adopted through which alleged bribe of Rs 50 lakh, for not declaring bad loans of Bhushan Steel as non-performing assets, was handed over to two businessmen who were also Jain’s relatives, thus covering the money trail.
Senior officials handling the case claimed that the alleged bribe was handed over to a middleman, who is a businessman, to give it the colour of legitimate business transaction. They said this amount was allegedly further handed over to Puneet and Vineet Godha, both relatives of Jain. Sources said by such a chain, no actual delivery of bribe money to Jain was made.
Sources said they had recovered documents related to five valuable properties from Jain’s residence and the agency suspects they could have been bought through similar transactions in the past.
“This is a classic case as to how people are now hiding money trail of ill-gotten money. We may provide input of this and such cases during the next meeting of SIT to show how tracks are being covered by culprits,” a senior official said.
The special investigation team, under chairmanship of former Supreme Court judge Justice MB Shah, also comprises CBI director, revenue secretary, deputy governor of Reserve Bank of India, directors of Intelligence Bureau (IB), Enforcement Directorate (ED), Financial Intelligence Unit (FIU) and Research and Analysis Wing (RAW).
Besides, chairman of Central Board of Direct Taxes (CBDT), directors general of Narcotics Control Bureau (NCB) and DRI, and joint secretary (foreign tax and tax research division-I) are also members of the group.
The SIT is responsible for investigating cases of black money stashed abroad through coordination of various members.