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2023 (1) TMI 502 - HC - Money LaunderingSeeking grant of Bail - existence of offence of Money Laundering or not - scheduled offences punishable under Sections 402, 406, 465, 467, 468, 471 and 120-B of the Indian Penal Code, 1860 - predicate offence - filing of C-Summary report - whether filing of C-Summary report and acceptance by the Magistrate take away the seriousness of the offence as independent proceedings are registered and as charge- sheet is already filed in the PMLA case? - HELD THAT:- It is pertinent to note that in the present case, the complainant at whose instance the proceedings were initiated submitted his no objection to the acceptance of the C-Summary report. The MMRDA which is alleged to have suffered losses has not filed any complaint of breach of contract or that they are defrauded. Of course, these are matters to be taken into consideration by the Special Court trying the PMLA case and my observations therefore, may be construed as prima facie in nature for the purpose of considering the request for releasing the applicants on interim bail. Once the C-Summary report has been filed and accepted by the Court of competent jurisdiction, in view of the observations of the Supreme Court in Vijay Madanlal Choudhary and ors. [2022 (7) TMI 1316 - SUPREME COURT], prima facie, there can be no offence of money laundering against the applicants. There are no force in the submission of Mr. Venegaonkar that till the period of 90 days for filing the Revision challenging the order of the Metropolitan Magistrate accepting the C-Summary report is over, the application for bail is not tenable. The question is of liberty of an individual which is valuable. The period of 90 days for filing the Revision challenging the acceptance of the C-Summary report cannot be read to mean as an automatic stay to the order accepting C-Summary report. The Revision is but a statutory remedy provided by law to challenge the impugned order (acceptance of C-Summary). The limitation prescribed for filing the Revision cannot be construed as a stay to the order of the Metropolitan Magistrate. The applicants are in custody for more than 2 years. The maximum punishment for the offence under Section 4 is 7 years imprisonment. The applicant-Marath is 71 years of age and a retired officer of the Indian Navy who has roots in the society. The applicant-Amit is an entrepreneur. There are no criminal antecedents reported against the applicants. In my opinion, subject to the challenge, if any, to the order of C-Summary and subject to further orders that may be passed thereon, the prayer of the applicants for grant of interim bail needs to be considered - on filing of a C-Summary report in the EOW case, in the light of the observations quoted abbove in Vijay Madanlal Choudhary and ors., the rigours of Section 45 of the PMLA will not apply. The charge-sheet has been filed. The investigation is complete. Application allowed.
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