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2022 (12) TMI 13 - HC - Money LaunderingSeeking grant of Regular bail - Money Laundering - scheduled offences - commission of fraud with the Bank of India - alleged offence under section 3 read with section 70 of the Prevention of Money Laundering Act, 2002 (PMLA) and punishable under section 4 of the PMLA - twin conditions of section 45 of PMLA fulfilled or not - HELD THAT:- Admittedly the petitioner is Director of five companies namely, M/s Dwarikadhish Udyog Pvt. Ltd., Sriram Comtrade Pvt. Ltd., represented through Gyan Prakash Sarawgi (petitioner), M/s Global Traders (proprietorship firm), Badri Kedar Udyog Pvt. Ltd. and Sunbeam Dealers Pvt. Ltd., represented through Amit Sarawgi and the C.B.I. has registered the case and subsequently the E.D. has c o me into the picture and registered the ECIR complaint against the petitioner and others. In the investigation it has come that the petitioner has taken loan in the name of Vikash Khetawat, Amit Sarawgi and Abhishek Agarwal and others - It is strange that when the petitioner was having the company why the loan in question was not taken in the name of the said company whereas the private persons have been involved who are alleged to be the employee and close relatives of the petitioner. However, this fact has been disputed by the learned counsel appearing on behalf of the petitioner and has submitted that the loan in question was taken in the name of the company itself. There is no doubt as has been discussed by the Hon’ble Supreme Court in the case of P. CHIDAMBARAM VERSUS DIRECTORATE OF ENFORCEMENT [2019 (12) TMI 186 - SUPREME COURT], that even in economic offences the bail is a rule, however, the Court before granting the bail is required to come to the definite conditions and look into the graveness of the nature of the crime. Requirement to comply with twin conditions of section 45 of PMLA - HELD THAT:- Admittedly the petitioner is not under the age of sixteen years or is a woman or is sick or infirm and the proviso thereof speaks that if the money is below Rs.One crore the rigor can be relaxed. In the case in hand, there is allegation of Rs.77 crores of diversion of the loan amount - In the case of ROHIT TANDON VERSUS THE ENFORCEMENT DIRECTORATE [2017 (11) TMI 779 - SUPREME COURT], it is said that economic offence is said to be white collar crime/ the economic offenders are having deep rooted conspiracies and involving huge loss of public funds needs to be viewed seriously and considered as grave offences affecting the economy of the country as a whole It is a white collar crime which is done in a well planned manner and they are grievous in nature and against the society. The Court is not inclined to grant regular bail to the petitioner - bail application dismissed.
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