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2021 (4) TMI 507 - HC - Money LaunderingSeeking enlargement on Bail - Money Laundering - fraudulent transfer of funds abroad - HELD THAT:- As it appears from record, the applicant has floated various bogus entities, several money transactions/transfers, have been traced between the companies/firms owned by applicant and accused companies. Prima-facie, evidence suggests, applicant was managing and controlling financial affairs of accused and beneficiary companies. Whereas, one co-accused was an employee of a beneficiary company and another, was director. Besides, evidence suggests, both co-accused had joined the investigation; soon after they were summoned and co-operated investigation. Reply fled by the Enforcement Directorate suggests, that the investigation is not complete and non-co-operation of the applicant has resulted into lack of financial information available with the respondent in respect of over-seas companies, their bank accounts and financial transaction. Prosecution in their reply has submitted that the applicant has not co-operated in respect of financial information of over-seas companies; that investigation is still going on and there is likelihood of applicant meddling with the investigation, if released on bail. The applicant cannot be released on Bail - application dismissed.
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