JUDGMENT

O. CHINNAPPA REDDY J. :— The Enforcement Directorate of-the Ministry of Finance received information that one Santosh Kumar Jain was engaged in illegal foreign exchange operations under the guidance of his father Manak Chand Jain and his brother Suresh Kumar Jain. On February, 23, 1982, (sic) he was apprehended and his person was searched, Some items of foreign currency were seized. On the information given by him, Room No. 12-A, Regal Hotel, Chandni Chowk was searched. More items of foreign currency were recovered, as also some articles like electronic watches, cameras, tapes, etc. Some documents, note books and diaries were also recovered. Among the documents seized, was an application for cable transfer of the American Express International Banking Corporation, Hong Kong mentioning Ashok Narain as the person who had purchased dollars of the nominal value of 9 5000 from the bank for effecting a transfer of the amount to one Subhash Sehgal of New York. Thereupon the officers of the Enforcement Directorate raided the premises of Ashok Narain and recovered therefrom three note books. In one of them, detailed particulars of transactions in foreign exchange indulged in by Ash