Thane Sessions Court Denies Bail In ₹476-Crore Fraud Case, Highlights Possible Money Laundering

Thane: The Thane Sessions Court has rejected the bail plea of Rahul Patwa, arrested in connection with an alleged ₹476-crore fraud, observing that the scale of the offence points to a possible money laundering racket.

Additional Sessions Judge D.R. Deshpande, in a strongly worded order, noted that the funds may have been routed through a shell bank account, warranting the potential application of provisions under the Prevention of Money Laundering Act (PMLA).

Court Flags Potential Money Laundering

“There is an element of money laundering in the matter as an unaccounted amount seems to have been transferred via a shell bank account, so the provisions of the PMLA may also come into picture. Considering the nature and gravity of the offence and the likelihood of tampering with prosecution evidence, the applicant does not deserve to be released on bail,” the court observed.

Accused Claims Innocence

Patwa, arrested in 2024, claimed innocence in his bail plea, stating he was a freelance agent assisting with banking and stock-related paperwork and had been falsely implicated. His defence argued that nothing incriminating had been recovered from him, and there was no evidence he had forged documents or promised the complainant a job.

Prosecution Alleges Conspiracy and Forgery

The prosecution, however, alleged that Patwa conspired with others to obtain the complainant’s identity documents, open a bank account in his name, and register Patwa’s own mobile number with the account. It was further alleged that Patwa falsely claimed to have a shop at Kalbadevi Road, Mumbai, a claim found to be untrue during investigation.

Massive Financial Transactions Through Shell Accounts

According to the prosecution, Patwa and his co-accused misused the bank account opened under the pretext of offering the complainant a job to carry out massive financial transactions amounting to ₹476.16 crore through multiple banks.

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Investigators said the transactions and KYC details point to a larger racket involving money laundering through shell accounts. The charge sheet in the case has already been filed.