Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2016 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 464 - HC - Money LaunderingDenial of bail - generation of money in the form of 'Proceeds of Crime - offence of Money Laundering - Held that:- By no stretch of imagination, figures indicate any exorbitant cash credits or income as imputed to the petitioner. Further more, in Para 3 of the reply, the respondent has himself mentioned that the petitioner's flat in Ahinsa Vihar, Sector 9, Rohini, Delhi was purchased by him for an amount of ₹ 1,60,000/- only (more than 20 years ago) on 14.6.1995. So, there is nothing unusual or objectionable if the market value of such property over the two decades has appreciated, and so, on these grounds alone, it would be preposterous to conclude that the petitioner has generated any money in the form of 'Proceeds of Crime'. Regarding the specific allegations of his having purchased Pseudoephedrine worth ₹ 68 lacs in 2012, and of having sold it subsequently to one Suresh Kumar alias Mehnga Ram for ₹ 70 lacs, first of all, there is no document to support the allegations of such transactions, and more importantly, there is no explanation or indication by the complainant/respondent whatsoever to show as to in what manner, the petitioner had been engaged in projecting or claiming the aforesaid 'Proceeds of Crimes' as 'untainted property', which is an essential ingredient to constitute the offence of Money Laundering as defined u/s 3 of the PML Act. For the reasons recorded above, and also in view of the fact that the principal assets of the petitioner in the form of his flat, is already stated to have been attached by the Authorities, we find no justification to deny him bail, as prayed for. His petition is, therefore, allowed. He shall surrender before the Ld. Designated Court below either before the next date fixed, or within a fortnight from the date of this Order, whichever is earlier, after which, he may be granted bail on such terms and conditions, as deemed fit and proper by the Ld. Designated Court.
|