Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2019 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 1647 - HC - Money LaunderingSeeking grant of bail - company had obtained borrowings from different banks, although, the Company had appeared in the defaulter list of the Reserve Bank of India - allegation that actual turnover of the company was much less than the projected turnover - loan transaction is a genuine transaction or not - HELD THAT:- This Court deems it appropriate, at this stage, when the investigating agency is further investigating into the matter, that instead of granting the regular bail to the present applicant, it is appropriate and equitable in wake of the chargesheet having been laid in this case in the month of July, 2018, to grant him interim bail with certain stringent conditions and more particularly the applicant is having agreed not to transfer in any mode or manner any of the properties which are enlisted by different list before this Court, to grant them interim bail for the period of three months for now. This Court is conscious of the fact that essentially and predominantly the case is based on documentary evidences. The further investigation of the C.B.I. which is on going is also mainly relying on the documentary evidences and concerned witness is being questioned on the strength of such documents. There is no likely hood of tampering with the documentary evidences which have been seized and which are in the custody of various Banks. The Court is also conscious of the well laid down principle of 'bail and not jail' where more particularly there are rival claims of loss being not on account of any fraud committed with the Bank, but because of the various factors affecting the market so also the aspect that the chargesheet has been filed long ago and there is no likely hood of the trial getting over with such bulky volume of evidence and numbers of witnesses in a near future. The matters which are investigated by C.B.I. since involving serious question, the trial is likely to take a longer time - It will also give an opportunity to the Court to monitor the pace of investigation and the conduct of the accused during the course of further investigation. This will uphold the right of individual liberty and yet will not stultify in any manner the right of investigating agency to further investigate. The applicant is ordered to be released on interim bail for the period of three months from the date of his release, subject to conditions imposed - application allowed in part.
|