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2023 (2) TMI 43 - HC - Money LaunderingSeeking grant of bail - money laundering - proceeds of crime - allegation of amassing property and cash - HELD THAT:- After reading the law laid down in Vijay Madanlal Choudhary [2022 (7) TMI 1316 - SUPREME COURT], this Court considers it expedient to reiterate that the Petitioner was acquitted of the criminal case in Barbil P.S. Case No. 58 of 2010 for offence U/Ss. 307/387 of IPC r/w Section 25 and 27 of the Arms Act which are considered to be the predicate offence leading to launching of prosecution under PML Act in the present complaint, but subsequently the property involved in such criminal case had been directed to be restored to the Petitioner in criminal appeal no. 11 of 2012 and whether such order is/was challenged in the higher forum has not been brought to the notice of this Court. No matter a complaint under PML Act has been filed and pending against the petitioner for commission of offence of Money Laundering, but the acquittal of the petitioner for commission of offence under IPC as scheduled offence under PML Act and direction of the Appellate Court for restoration of property to the petitioner relating to such offence of IPC, unless the same are varied or set aside reversing the findings therein, it appears to this Court that these circumstances of acquittal of petitioner and direction for restoration of the property to the petitioner are sufficient to consider about existence of reasonable grounds for believing the petitioner to have prima facie discharged the satisfaction of the rigors of Sec. 45(1) of PML Act, which appears to be logically justified and fortified. According to Sec. 3 of PML Act, whoever directly or indirectly attempts to indulge or knowingly assist or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of offence of money laundering. In this case, of course, the Petitioner is facing a proceeding under PML Act for commission of offence of Money Laundering and, therefore, the rival claims of ED and the petitioner with respect to the offence and the property attached or seized by the ED are subject of adjudication and presumption under PML Act but keeping the Petitioner in custody for the purpose of trial or in anticipation of any other complaint or supplementary complaint which is not in existence at present, would be devoid of any sound logic, especially when the petitioner had already been acquitted for commission of scheduled/ predicate offences and the property seized in connection with that case had already been directed to be returned back to the Petitioner, no matter the criminal appeal against such order of acquittal is pending before this Court. The bail application of the petitioner stands allowed and the petitioner be released on bail by the Court in seisin of the case on such terms and conditions as deem fit and proper and subject to his furnishing a cash surety of Rs. 5,00,000/- which shall be kept in fixed deposit/STDR in any Nationalised Bank, in addition to furnishing of property surety of Rs. 20,00,000/- and bail bonds of Rs. 10 lakhs with two solvent sureties each.
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