2023 (2) TMI 373 - HC - PMLA

Money Laundering - connivance with the bank officials and private persons entered into a criminal conspiracy to cheat the bank causing huge loss to the bank and corresponding wrongful gain to themselves - HELD THAT:- The petitioner has been enlarged on bail in predicate offences by this Court. The Enforcement Directorate took the investigation in respect of the money laundering. During the course of investigation by the Enforcement Directorate, the role of the petitioner has come in entering into criminal conspiracy with the accused Chandra Prakash Singh and other co-accused. The Enforcement Directorate has found that a Pay Order of Rs.5,10,000/- was issued in favour of the petitioner from Rs.56,40,000/- amount, which was embezzled/misappropriated by Chandra Prakash Singh and other co-accused.

It is stated that learned counsel for the Enforcement Directorate and Sri Manoj Kumar Singh are not in a position to dispute that rigour of Section 45 of PMLA, 2002 would not apply in the facts and circumstances of the case inasmuch as the total amount involved in the present case is less than One Crore.

The present petition is disposed of with liberty to the petitioner to surrender before the concerned PMLA court within a period of ten days from today and applies for regular bail. If he apply for bail within the aforesaid period, his bail application should be considered and decided preferably on the same day keeping in mind that rigour of Section 45 PMLA, 2002 would not apply in the facts and circumstances of the case.