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2022 (2) TMI 1396 - HC - Money LaunderingMoney Laundering - Predicate offence - Conspiracy for misappropriation of money - misuse of important documents - whether it can be said that there is no cognizable offence disclosed and that no further investigation is necessary and, therefore, the FIR needs to be quashed and/or whether the FIR can be quashed on the premise that it is filed to wreak vendetta and is mala fide? HELD THAT:- Once it is revealed in the investigation that a huge sum of cash was withdrawn on vouchers and for a corresponding period, substantial deposits have been made in the personal Accounts of those, who were in charge of the Trust, i.e. Applicant Ashok Gandole and others, the matter requires investigation as during investigation, the source of Rs.7,00,00,000/- would be traced and, therefore, at this stage, it cannot be said that there is nothing to investigate because the Auditor has made a statement before the Enforcement Directorate. As regards the contention that the Respondent No.2 is on the run and is avoiding investigation by the Enforcement Directorate, the learned Senior Advocate for Respondent No.2 submitted that Respondent No.2 has taken exemption from the Enforcement Directorate and thereafter, no summons have been issued by the Enforcement Directorate, and it is entirely incorrect to state that the Respondent No.2 is on the run. Except asserting this orally, nothing further is pointed out to us by the Applicants that Respondent No.2 is avoiding investigating by the Enforcement Directorate. The Enforcement Directorate in the complaint itself has stated that it has not drawn any conclusion regarding the role of Respondent No.2, and further investigation is going on. As regards the facts at hand are concerned, Applicant Ashok Gandole was in-charge of the affairs of the Trust. Other Applicants have been shown as connected with him. The Trust in question conducted various Colleges, which were grant-in-aid, and public money was received. The Investigating Agency has stated that money was siphoned off from the Accounts of the Trust on cash withdrawal. Applicant Ashok Gandole and others are alleged to have deposits in their personal Accounts and have substantial properties. Therefore, at this stage, when the investigation is in progress, and all facts are not before the Court, the Court will have to allow the Police Authorities to carry on the investigation as cognizable offences stand disclosed. Once it is concluded that the FIR discloses cognizable offence and that investigation into this crime is necessary, and no case is made out for exercise of power under Section 482 of the Code, then direction that no coercive steps be taken cannot be continued. The Applicants have a remedy to apply for anticipatory bail under Section 438 of the Code, and if the court is satisfied, the Applicants can be released on anticipatory bail and, therefore, the Applicants are not remediless. To conclude, no case is made out by the Applicants to quash the concerned FIR. Application dismissed.
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