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2023 (4) TMI 874 - SC - Money LaunderingSeeking grant of bail - Money Laundering - proceeds of crime - predicate offence - misappropriation of amount by forging the signatures, with the help of the pledged documents - fraudulent GDR issue - Sections 44 and 45 of PMLA - HELD THAT:- There is no controversy about the following facts: (i) that the registration of the ECIR and the lodging of the prosecution complaint in the year 2022 were a sequel to the registration of the FIR for the predicate offence, way back in the year 2013, at the instance of one M. Srinivas Reddy, Managing Director, Farmax and also a sequel to the order passed by SEBI in the year 2020; (ii) that no final report has been filed in the FIR for the predicate offence, for the past nine years; (iii) that even M. Srinivas Reddy, the de-facto complainant in the FIR for the predicate offence, was sought to be arrested as an accused in connection with the ECIR, but the application of the Enforcement Directorate for remand was rejected; (iv) that the appellant is a Chartered Accountant by profession and has been in jail from 26.09.2022; and (v) that the relevant portion of paragraph 8 of the prosecution complaint filed by the Enforcement Directorate, which we have extracted in the preceding paragraph, gives room for a valid argument that the second condition found in Clause (ii) of sub-section (1) of Section 45 of PMLA is satisfied qua the appellant. Therefore, the continued incarceration of the appellant may not be justified. However, the apprehension of the Enforcement Directorate that the appellant is a flight-risk and may go out of the country if released on bail, has to be taken care of by imposing appropriate conditions. The appellant is directed to be enlarged on bail, subject to such terms and conditions as may be imposed by the Metropolitan Sessions Judge-cum-Special Court - Appeal allowed.
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