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2020 (10) TMI 200 - HC - Money LaunderingMoney Laundering- proceeds of crime - It has been alleged that Sri Manoj Singh had acquired proceeds of crime and placed the said proceeds of crime in the form of fixed deposit and other deposits - HELD THAT:- In course of investigation by the Vigilance Bureau, it was detected that so far as the valuation of gold and diamonds are concerned, the jewellery was not physically taken to the Valuer, but instead the Valuer had given a back dated valuation report and in lieu thereof, he was given an amount of ₹ 1,26,042/-. Sri Ramesh Kumar Soni, the Valuer in his statement under Section 15 of the Prevention of Money Laundering Act has specifically stated about the valuation being made after the gold and diamonds were brought before him by the accused which is contrary to what has been stated by him before the Vigilance Bureau. In course of investigation, it has also come that the petitioner Manoj Kumar had submitted some invoices in support of his claim regarding sale of diamonds worth ₹ 8,17,21,664/- to one M/s. Star Traders, Mumbai/Surat which was a proprietorship firm of Raj Kumar Patodia. However, the income tax return does not indicate regarding the claim of Sri Manoj Kumar about the sale of diamonds as stated above. It has also come during course of investigation that the address of M/s. Star Traders has been given in the invoices submitted by Sri Manoj Kumar which is apparently false as there is no firm in existence in the name of M/s. Star Traders at Surat. In fact the son of Raj Kumar Patodia had denied being aware of any purchase of diamond or of the residential address of his father which had been provided by the petitioner – Manoj Kumar. In fact, with respect to the agricultural income for which reliance has been placed on various documents by the learned counsel for the petitioner, but in course of investigation, the statements of several persons who were said to have purchased the agricultural produce have stated otherwise which also contradicts the claim of the petitioner – Manoj Kumar Singh regarding his explanation with respect to the income from agricultural produce. An economic offence is a grave offence and considering the role played by the petitioner in which he had misused his position of being the Private Secretary of the then Speaker as well as the then Minister while amassing a huge wealth which is disproportionate to his known source of income and having miserably failed to submit any appropriate explanation for such income from the proceeds of crime, bail cannot be granted - The prayer for bail of the petitioner is hereby rejected - the petitioners in B. A. No. 2806 of 2020 above named are directed to be released on bail on furnishing bail bond of ₹ 10,000/- with two sureties of the like amount each. Petition allowed in part.
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