As the hearing on the bail application of Karnataka Congress Leader DK Shivakumar continued before the Special CBI Judge Ajay Kumar Kuhar, ASG KM Nataraj replied to the rejoinder filed by Abhishek Manu Singhvi mentioning the election declaration of DK Shivakumar.
In the previous hearing, Mr Singhvi had presented the election declaration of DK Shivakumar which showed the value of his assets and his family's assets, filed in book value. Mr Singhavi had argued that ED revalued these assets at the market value and hence presented the inflated figure as laundered money.
ASG countered the submission made my Mr Singhvi by arguing that the crux of the matter is not the value of assets as declared by the accused, but to ascertain the source of these assets.
ASG pointed out various facts that according to him put the source of the aforementioned assets into suspicion. He submitted that between 1991-2018, 38 properties have been acquired by Shivakumar's mother. Most of these properties have been acquired through cash transactions.
Further, it was also submitted that the Hindu Undivided Family which had allegedly granted loan to Shivakumar's mother to buy these properties, has not furnished any bank details or returns to account for the said loan.
ASG also brought before the court the allegations of questionable increase in the agricultural income of the accused. He pointed out that as per the documents recovered from the investigation, there has been credits in tune of 161 crores in the two bank accounts of the accused which are shown as agricultural income. Despite such heavy credits, nothing is shown as expenses towards agricultural operations.
In addition to this, it was also highlighted by the ASG that loans amounting to 80 crores have been shown in the favour of Shivakumar's daughter without any loan agreement, security or interest.
After this, ASG cited various provisions of the PMLA and multiple Supreme Court judgements to substantiate his arguments on burden of proof in the matters of money laundering, as well as on the twin conditions of bail add laid down under section 45 of PMLA.
The next hearing is scheduled to be on September 21.