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2023 (3) TMI 1016 - HC - Money LaunderingSeeking for grant of bail - It is alleged that certain incriminating documents were found in respect of misuse of unaccounted and illegal cash money, which was generated by the main accused Suryakant Tiwari, being brought into the mainstream public money through the Applicant - further case is that Applicant was in connivance with the main accused Suryakant Tiwari in the layering of the proceeds of crime illegally collected by Suryakant Tiwari - HELD THAT:- As regards the incriminating materials that have been collected during the course of investigation, what prima facie reflects is the purchase of two Coal Washeries by the Applicant from the group of Companies owned by Suryakant Tiwari and his associates. What is also reflected from the materials available on record is the fact that the purchase made by Suryakant Tiwari of the two Coal Washeries at the first instance was for an amount of roughly Rs.90 Crores, of which cheque payments were made only for an amount of around Rs.34-35 Crores and the rest was cash dealing that was made. These two Coal Washeries, worth more than Rs.90 Crores, have subsequently been sold by the main accused Suryakant Tiwari to the Applicant for just around the same value of cheque transaction made by Suryakant Tiwari at the time of purchase of two Coal Washeries at the first instance. This by itself shows that the Applicant has got two Coal Washeries at a very cheap price. The manner of transaction made between the Applicant and the Firms belonging to Suryakant Tiwari, the timing of the transaction, the sale consideration made by the Applicant in the process of purchase of the Coal Washeries from the Firms belonging to Suryakant Tiwari, all establishes the nexus between the Applicant and Suryakant Tiwari and their involvement in the predicate offence. Further, going into the entire materials available in the case records, there seems to be a serious nature of racket involving huge generation of hard cash illegally being collected. Taking into consideration the fact that the offence is one under the Prevention of Money Laundering Act, in the opinion of this Court, it would not be justified at this juncture to grant bail to the Applicant - Bail application rejected.
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