Justice S Muralidhar reserved the verdict after the counsel for department of customs and Jain, respectively, concluded their arguments.
The court was hearing an appeal filed by the department of customs against Jain’s acquittal by the trial court in 2006.
Jain was arrested on January 29, 1988, at IGI minutes before he was to board a flight for Hong Kong.
According to the prosecution, one Manohar Lal Grover had tipped off customs officials that Jain was travelling as Mohan Lal.
The customs officials had immediately stopped Jain from boarding and checked his luggage. They had claimed to have seized Rs 16.12 lakh and Rs 7.46 lakh in unaccounted Indian and foreign currency from him.
It was further claimed that the accused voluntarily confessed to his crime, following which a case was registered under the relevant provisions of the Customs Act, 1962.
Grover, however, died during the trial and the court had given the accused the “benefit of the doubt”.