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2015 (7) TMI 1313 - HC - Money LaunderingOffence under PMLA - Application for bail under Section 439 of the Code of Criminal Procedure - HELD THAT:- Considered the statements of the Assistant General Manager of RBI, Kolkata, Seizure List, statements of some Directors of Rose Valley, statements of some office bearers of Rose Valley, statements of some debenture trustees of Rose Valley, statements of some debenture holders of Rose Valley, statements of AGM of Accounts of Rose Valley and statements of some Regional Managers of Rose Valley for formation of opinion whether the petitioner is involved in the offence of money laundering as alleged by the opposite party. On consideration of the above statements and other materials collected during investigation I cannot persuade myself to hold that no offence of money laundering is made out against the petitioner. The question whether the opposite party is entitled to file supplementary petition of complaint to prosecute the petitioner under Section 4 of the P.M.L. Act remains open for decision by the trial court. By making a pragmatic approach to the provision of Section 45(1) of the P.M.L. Act and on consideration of the antecedents of the petitioner in collection of money from open market for issuing secured debenture in violation of the guidelines of SEBI and on further consideration of the manner of keeping accounts of the Rose Valley, unable to hold that the petitioner is not likely to commit any offence while on bail. As a result, cannot persuade myself to grant bail to the petitioner at this stage. So, prayer for bail is rejected. The application is dismissed.
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