With the advent of technology, AI, money laundering has become a real threat: SC | India News

With advances in technology and artificial intelligence, economic crimes such as money laundering have become a real threat to the functioning of the country’s financial system, the Supreme Court said on Monday while rejecting the defendant’s bail plea.

A bench of Justices Aniruddha Bose and Bela M. Trivedi rejected the bail plea of ​​an employee of Shakti Bhog Foods Limited in the money laundering case, saying economic crimes have a significant impact on the overall development of the country. said.

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“With advances in technology and artificial intelligence, economic crimes such as money laundering have become a real threat to the functioning of national financial systems, and detecting and understanding the complex nature of transactions is a major challenge for law enforcement agencies. The same goes for the roles of those involved.

“Investigating agencies are expected to carry out a thorough investigation to ensure that no innocent person is wrongly prosecuted and no criminal escapes the rule of law,” the court said.

When it comes to bail, he said economic crimes need to be approached with a different approach.

“Economic crimes involving deep-rooted conspiracies and huge losses of public funds need to be taken seriously as serious crimes that affect the entire economy of the country and thereby pose a serious threat to the country’s financial health. “There is,” he said. Bench said.

The Supreme Court stated that if the defendant continues to be detained by the court, the court is expected to conclude the trial within a reasonable period of time, further ensuring the right to a speedy trial guaranteed by Article 21 of the Constitution. He said it would be done.

The Supreme Court said Tarun Kumar must prima facie prove that he is innocent of the charges and is unlikely to commit the crime while on bail.

“It cannot be said that the burden of proof rests on the accused simply because of the condition that he is not guilty of such a crime as set out in Article 45 (Conditions for Grant of Bail).Of course, such burden cannot be discharged. However, in this case, there is sufficient material in the record submitted by the appellee to show that the appellant is closely involved in the money laundering charges under Article 3 of the Act, so the court has no intention of granting bail. to the appellant,” the court said.

The money laundering case by the Enforcement Directorate against Shakti Bhog Foods Limited is based on a CBI FIR that accused the company and other companies of criminal conspiracy, cheating and criminal misconduct.

The CBI FIR against the company and its promoters came after the State Bank of India (SBI) registered a complaint against the company.

According to SBI, the directors are suspected of falsifying accounts and forging documents to siphon public funds.

The 24-year-old company, which manufactures and sells wheat, flour, rice, biscuits, cookies, etc., has grown organically over the past 10 years through food-related diversification, with sales reaching Rs 141.1 billion. did. According to the bank’s complaint, it amounted to Rs 6 billion between 2008 and 2014.

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