Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2018 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 2155 - HC - Money LaunderingMoney Laundering - proceeds of crime - gist of the allegations against the petitioner is that the petitioner while serving as a Bank Manager granted loan to various persons out of which the petitioner took commission and laundered the money/proceeds of crime - Section 45 of PMLA - HELD THAT:- Provisions of Section 45 of the PMLA, as they exist on date, provide that a person may be released on bail or on his own bond if bail applicant is under the age of sixteen years, or is a woman or is sick or infirm, or is accused either on his own or along with other co-accused of money laundering a sum of less than one crore rupees - Sub Section (2) of Section 45 of the PMLA further provides that limitation on granting of bail specified in Sub Section(1) is in addition to the limitations under the Code of Criminal Procedure, 1973 or any other law for the time being in force on granting of bail - Inversely, the provisions of Section 45 of the PMLA provide that the persons not falling in the above noted categories would not be entitled to be released on bail. An accused person who enjoys freedom is in a much better position to look after his case and to properly defend himself than if he were in custody. A presumably innocent person must have his freedom to enable him to establish his innocence. There cannot be an inexorable formula in the matter of granting bail. The facts and circumstances of each case will govern the exercise of judicial discretion in granting or cancelling bail. The petitioner is facing proceedings at the instance of Enforcement Directorate in view of case registered by Central Bureau of Investigation (CBI). In the CBI case also, the petitioner remained in custody from 4.7.2011 till 24.2.2012. The petitioner has been on bail in the CBI case. The CBI case formulates the basis for the Enforcement Directorate to proceed against the petitioner - We have also taken notice of the past conduct of the petitioner. No material has been placed before us to indicate that the petitioner has tried to influence the investigation by way of tampering with the evidence, influencing the witnesses or manipulating the records or overawing any authority or person. We cannot lose sight of the punishment provided under the PMLA. The punishment provided in the case of the petitioner is to be not less than three years but may extend upto seven years. The petitioner, at the cost of repetition, has already been in custody for nearly two years and seven months - Considering the spirit of the law guiding the granting or rejecting the application for bail, we are of the considered opinion that the petitioner is entitled to the grant of bail. Bail application allowed.
|