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2017 (3) TMI 1483 - HC - Money LaunderingLimitation for grant of bail under Section 45(1) of PML Act - Held that:- The fact remains that whilst there was an earlier raid in the year 2008 and Lokayukta is awaiting approval from the Government to prosecute the petitioner, the current raid by the Income Tax has taken place. The explanation with regard to legitimacy of ownership of properties listed in the complaint are all subject matters of previous raid in the year 2008 and investigation thereon. Thus, prima facie , it appears that petitioner after a raid in the year 2008, has again indulged in the offences alleged against him in the FIR registered by the CBI on 03.12.2016. There is no order passed by any competent Court holding that the offences alleged against the petitioner, which are scheduled offences are not made out. In the light of all discussions, two indubitable determinants emerge. Firstly, that even before he was cleared of allegation of acquisition of assets disproportionate to his known source of income of 1 02.69% during the check period 1.2.1985 to 18.12.1988, petitioner has been alleged of converting demonetized currency of ₹ 6,12,50,000/- out of which possession of ₹ 27 Lakhs has been admitted in the petition itself. Secondly, that the explanation to the possession of ₹ 27 Lakhs is not satisfactory. In the circumstances, petitioner’s case does not merit recording a finding of satisfaction by this Court to the effect that there are reasonable grounds for believing that the petitioner is not guilty of the offences alleged against him and that he is not likely to commit any offence while on bail. Grant of bail in this case is undebatably contingent upon this Court recording it’s satisfaction as required under Section 45(ii) of the PML Act. In view of the finding that the petitioner’s case does not merit recording such satisfaction, the said statutory requirement remains unfulfilled. Resultantly, this petition fails and is accordingly dismissed.
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