India, Aug. 31 -- A special PMLA court has discharged businessman Jaikumar Begani from the money laundering case involving Winsome Diamonds and Jewelleries Ltd (WDJL), which had allegedly siphoned off over Rs.4,627 crore from the loans it had obtained from several public sector banks.

Special judge VP Desai discharged Begani from the money laundering case on Tuesday primarily because the Central Bureau of Investigation (CBI) had given him a clean chit in the predicate offence, and there was no evidence to show he laundered the proceeds of crime.

The Enforcement Directorate (ED) had roped in the Ahmedabad-based businessman only because he was the managing director of M/s Forever Precious Jewellery and Diamonds Ltd (FPJDL), a subsidiary o...