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2022 (12) TMI 1382 - HC - Money LaunderingSeeking grant of bail - Money Laundering - Embezzlement of money - allegation against the petitioner is that he has committed offence of money laundering which is punishable under Section 4 of PMLA Act, 2002 - HELD THAT:- The mandate of law is that apart from Section 45 of PMLA Act, 2002, the requirement under Section 439 Cr.P.C. should also be taken note of. In the case on hand, there are grave allegations that are directed against the petitioner. Also, by the submission of the learned Standing Counsel for Enforcement Directorate, it is clear that the presence of the petitioner could not be secured easily. Learned Standing Counsel states that only after issuance of Look Out Circular, the petitioner could be traced out and arrested. The apprehension of the investigating agency i.e., the Enforcement Directorate is that in case, the petitioner is enlarged on bail, he may interrupt the investigating process by threatening the witnesses. Having considered the submissions thus made, this Court is of the view that even if Section 45 of PMLA Act, 2002 is not applied, independently also, the petitioner is not entitled for bail at this stage when the investigation is in progress and where the allegations are grave in nature and that too, when fraud is committed by embezzlement of an amount to a tune of Rs.318 crores and Indian depositors were deceived. Therefore, this Court is of the view that the request of the petitioner cannot be honoured at this stage. This Criminal Petition is dismissed.
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