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2023 (9) TMI 186 - HC - Money LaunderingMoney Laundering - seeking grant of bail - scheduled offences - use of proceeds of crime - statement of witnesses as recorded under section 50(3) of PML Act, not supporting the allegation - Reasons to believe - non-cooperation during investigation - HELD THAT:- Petitioner is accused in 8 criminal cases which appears “schedule offence” in terms of the Act, proceeds of which prima facie appears to create huge property and cash, further. Petitioner fails to furnish prima facie satisfactory explanation regarding huge fixed assets and cash available with him, while recording his statement under section 50(3) of the Act, where it appears to investigating agency that petitioner is not co-operating during investigation, where investigation regarding remaining proceeds of crime above Rs. 4,04,29,415.29/- is still going on. Therefore, this Court at this stage has no reasonable grounds for believing that petitioner is not guilty of offence and he is not likely to commit offence while on bail. The prayer of bail of petitioner is rejected herewith.
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