2021 (11) TMI 366 - DSC - Money Laundering

Grant of regular bail - Diversion of funds - rejection of bail application on the ground that investigation is not complete and applicant/accused may influence the fair course of investigation but now the circumstances have changed as complaint u/s 45 of PMLA has been filed by the investigating agency - HELD THAT:- The material available on record makes out a formidable case of money laundering against the applicant/accused.

The submission that pre-trial detention is antithetic to the Presumption of Innocence is infact missing the woods for the trees. Pretrial detention is neither preventive nor punitive. Pre-trial detention is infact an incident of Fair Trial. There may be cases wherein releasing the accused would enable him to jeopardize the course of fair trial by attempting to wipe out the traces of crime. Therefore, in appropriate cases, pre-trial detention becomes indispensable to ensure a free and fair trial.

All the material witnesses in the instant case are family members/relatives/friends/close acquaintance of the applicant/accused. They are apparently working under his direct influence. The applicant/accused being a qualified Chartered Accountant and an influential man in all likelihood would attempt to wipe off his footsteps to jeopardize not only the fair trial but the crucial aspects of pending investigations - Since the charge-sheet in the instant matter has already been filed, merely because ED is still further investigating the matter on some counts, the statutory right of bail u/s 167 CrPC is not available to the accused. The indefeasible right of the accused to claim statutory bail comes to an end once the charge-sheet is filed.

Considering the nature of offence, seriousness of allegations and a strong possibility of applicant/accused attempting to influence the course of trial by influencing the witnesses and tampering with the evidence, the bail application is bereft of any merits - Application dismissed.