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2022 (11) TMI 155 - HC - Money LaunderingSeeking grant of bail - Money Laundering - predicate offence - scheduled offence - creation of bogus/fake deposits by debiting loans and advances - allegation is said that the accused No. 1-Ramakrishna, who is said to be the Director of the co-operative bank lent loan to the petitioner to the tune of Rs. 105 crores without following the procedure and without obtaining proper and adequate security and collected the documents for the purpose of recovering the loan amount - main apprehension of the prosecution is that the petitioner is having considerable influence and if he is released on bail, he would scuttle the investigation and destroy the evidence and he may also defeat the objectives of the PML Act. HELD THAT:- The petitioner was released on bail in the predicate offence, but this case is based upon the money laundering. Of course, Section 45 provides that if the Court is satisfied that there are reasonable grounds to believe that the petitioner is not guilty of such offence and he is not likely to commit any offence while on bail, then only he shall be released. Here in this case, the petitioner has not whispered and has not given any details of the property on which he has invested. Even though, he has received Rs. 60 crores by way of cash which was against the law has not disclosed the amount in which he has invested. Considering the facts and circumstances of the case, if the petitioner is granted bail, there is every possibility of obstructing the ED from attaching the properties and they require some more time for getting other sources to trace the property in which the petitioner has invested. When the petitioner has not disclosed about the investment, it is for the ED officials to find out any other method to unearth the properties and attach the same. Therefore, when the petitioner himself has not properly explained the investment made by him and is reluctant in giving information, the ED shall make an endeavour to find out truth in various other modes known to law. Hence, the petitioner cannot be released on bail at this stage. Bail application dismissed.
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