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2022 (3) TMI 406 - DSC - Money LaunderingSeeking grant of bail - Money Laundering - reasonable grounds for believing that he is not guilty of such offence - confiscation of proceeds of crime - Twin conditions of section 45 of PMLA was fulfilled or not - HELD THAT:- Principal object of the PML Act is 'Confiscation' of proceeds of crime. In the present case, ED has already attached properties of the applicant worth ₹ 80 Crores. Hence, part of the object has been already fulfilled. Further everything has been documented in eight huge volumes with the complaint. Co-accused are behind bars since more than a year. There is no certainty that the trial will begin and conclude in near future. In this background and in view of above detailed discussion, it is held that there are reasonable grounds for believing that applicant is not guilty of such offence in order to attract rigours of Sec.45(1)(i) and (ii) of PML Act. Even if the rigours of twin conditions under Sec.45(1) of PML Act are applied, yet the case of applicant is qualified under Sec.45(1)(i) and (ii) of PML Act. Applicant has various immovable properties, establishments and companies in India. If certain conditions are imposed on him, he will not flee from India nor would commit any offence while on bail. Applicant Mr. Sachin Joshi S/o Jagdish Mohanlal Joshi be released on bail, by executing PR bond of ₹ 30,00,000/- and one or two sureties of like amount, and on conditions imposed - application allowed.
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