Marsa resident charged with money laundering, released on bail

A Marsa resident has been released on bail after being charged with money laundering on Friday.

Food handler Franso Paul, 34 from India and residing in Marsa, pleaded not guilty to charges of money laundering and handling stolen property in front of Magistrate Victor Axiak.

Although no details emerged from Friday’s sitting, it is believed that the charges relate to a fraudulent investment scheme.

Paul’s lawyers, Alex Scerri Herrera and Matthew Xuereb, requested bail. This was not objected to by the prosecution as long as appropriate conditions were put in place, in view of the defendant’s previous adherence to the conditions of his police bail.

Xuereb told the court that the defendant had been living in Malta for eight months and that his wife and sister also reside on the island.

Paul had been arrested and questioned by the police over a week ago and had cooperated with his police bail since then, submitted the lawyer, adding that the defendant intended to testify.

Bail was granted against a €5,000 deposit and a €20,000 personal guarantee, also on condition that Paul sign a bail book twice a week.

Inspector Clive Brimmer prosecuted, assisted by lawyers Nathaniel Falzon and Andreas Vella from the Office of the Attorney General.