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2016 (12) TMI 816 - HC - Money LaunderingMoney Laundering - bail application - Held that:- The nature and scope of offences imputed in the present case are entirely different from those covered in the previous case, which was drawn up under the NDPS Act. Here, the basic allegations are overwhelmingly financial in nature and the petitioner is alleged to have indulged in 'Money Laundering' by way of investing/utilizing a huge amount of money allegedly generated by him from illegal activities. His own statements recorded under section 50 of the PMLA at this prima facie stage cannot be simply brushed aside, since the admissibility of the same is not explicitly barred under the law. Furthermore, his failure to explain his income and assets do persuade us to reject his prayer for release on bail at this early stage when apparently the formal trial in the Money Laundering case is yet to commence. Consequently, bail application is dismissed at this stage and the matter thus stands disposed of.
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