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2017 (5) TMI 312 - HC - Money LaunderingRegular bail under Section 439 Cr.P.C. seeked in case registered under Sections 3 & 4 of Prevention of Money Laundering Act, 2002 - Held that:- Antecedents of the petitioner are also to be noted. Undisputedly, the petitioner along with others is also involved in case FIR No.197/2016 registered under Section 420/409/188/120B IPC on 14.12.2016 by Crime Branch and ECIR No.14/DZ-II/2016 registered on 16.12.2016 by ED for the offences under Sections 3/4 PMLA. It is alleged that on 10.12.2016 at around 10.00 p.m., raid was conducted by Crime Branch and Income Tax Department at the petitioner’s office premises jointly. It is alleged that during the said raid ₹ 13.62 crores were recovered which included ₹ 2.62 of new currency in the ₹ 2000 denomination. Record reveals that during 06/08.10.2016, there was also income tax raid in the office and residential premises of the petitioner. In the said raid, the petitioner had surrendered about ₹ 128 crores which related to past investment in his company. It is to be ascertained as to, to whom the huge cash recovered in the present proceedings belonged as there is no reliable or credible document on record to infer if the petitioner has obtained it from any legal / legitimate sources. Possibility of it to be ‘proceeds of crime’ can’t be ruled out.Taking into consideration the serious allegations against the petitioner and other factors including severity of the punishment prescribed in law, find no sufficient ground to grant bail to the petitioner. Bail application dismissed.
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