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2022 (7) TMI 825 - HC - Money LaunderingSeeking grant of Regular Bail - siphoning off of the funds - allegation of cheating a large number of innocent depositors and misappropriating their hard-earned money - scheduled offence or not - offences punishable under Sections 406, 408, 420 of IPC and Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 - HELD THAT:- On perusal of the material available on record, admittedly, earlier, the case has been registered against this petitioner in Cr. No. 185/2017 for the offences punishable under Section 406, 408, 420 of IPC by the KSRUCS and the same has been investigated and charge-sheet also filed and bail was granted. It is also important to note that an application is filed under Section 167 of Cr.P.C. before the Trial Court and he was remanded to the custody and he has been in custody from January, 2022. It is also important to note that invoked the offence punishable under PML Act wherein an allegation is made that this petitioner being the Chairman of the KSRUCS, misappropriated the amount of Rs. 250 to 255 crore. It is also important to note that the statement of the petitioner was also recorded and admitted the fact that he had purchased the bungalow and car and also it is the case of the prosecution that he had indulged in siphoning off the amount of the depositors money. The brief summary of result of investigation under Section 50(3) of PML Act is also mentioned in paragraph 8 acquiring the properties in the name of his family members i.e., wife, son and also in the name of the car driver and also his friend and so also in the name of the Manager of KSRUCS and had indulged in transferring the property in the name of Ramathulla. The other contention of the counsel for the petitioner is that the petitioner is entitled for bail since the complaint was filed on 07.02.2022 and 60 days has been lapsed cannot be accepted at this juncture when the investigation is still going on and the specific allegations are made that further investigation is pending and hence, the question of invoking Section 167(2) of Cr.P.C. at this stage cannot be looked into and no such application is filed before the Trial Court and for the first time, raised said ground before this Court and hence, the petitioner is not entitled for the bail on the said ground and the High Court of Hyderabad remanded the matter for consideration when an application is filed under Section 167 of Cr.P.C. and the same is not a scenario herein and no specific date is found in the complaint. The bail petition is rejected.
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