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2022 (6) TMI 585 - HC - Money LaunderingSeeking enlargement on Bail - Money Laundering - siphoning of funds - diversion of money which was drawn from the consortium of banks, for unintended usage - two conditions prescribed under Section 45 of the Act have been fulfilled or not - HELD THAT:- As seen from the investigation done so far by the respondent/Directorate, the consortium of banks has advanced money to SIPL for which the petitioner is the Managing Director and it is alleged that the funds to the tune of Rs.395 crores advanced by the consortium of banks were diverted wrongfully by the petitioner. The report of DDI LLP, which was got done by lenders, also shows that SIPL has shown false transactions and siphoned the funds and issued letter of credits in the name of the companies and the persons belonging to the petitioner, who, in turn, have again diverted the funds in favour of the petitioner. The petitioner and his family members stated to have purchased some assets in the name of benamis and with malafide intention has approached BIFR for declaring the company as sick company - Considering the material collected so far by the respondent/Directorate, it cannot be said that there is no prima facie material to show that the funds borrowed by the petitioner for SIPL has been siphoned for wrongful gain. This Court is not inclined to record that there are no grounds to believe that the petitioner is not found guilty of the offence alleged against him. In fact, it is the trial Court, which, after full-fledged trial, only will undertake to record such kind of observation. Since the petitioner has failed to fulfill the two conditions prescribed under Section 45 of the Act, this Court is not inclined to grant the relief sought for by him - Criminal petition dismissed.
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