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2024 (1) TMI 732 - DELHI HIGH COURTSeeking grant of bail - Money Laundering - scheduled offence - proceeds of crime - remitting of funds abroad by using forged and fabricated documents and by making wrong declaration regarding the purpose of remittance - Section 45 of PMLA - HELD THAT:- A Coordinate Bench of this Court in Vijay Agrawal [2023 (5) TMI 1198 - DELHI HIGH COURT] observed that as per Vijay Madanlal Choudhary [2022 (7) TMI 1316 - SUPREME COURT], though the twin conditions provided under Section 45 of PMLA restrict the right of accused to grant of bail but it cannot be said that the conditions provided under Section 45 impose absolute restraint on the grant of bail. It is a settled proposition that the discretion vested in the Court has to be exercised in accordance with the law and has to be guided by the principles of law. In the present case main allegation of the respondent/ED against the petitioner is that he was instrumental in outward remittance of huge amount in the account of foreign entities on the basis of forged Form 15CB Certificates. However, in the present case, there is no property which is derived or obtained directly or indirectly as a result of criminal activity concerning the scheduled offence which can be regarded as ‘proceeds of crime’. There is legal force in the arguments advanced by the counsel for the petitioner that the unauthorized outward remittance by forged Form 15CB Certificates does not amount to ‘proceeds of crime’ being generated from the scheduled offence i.e. fabrication of Form 15CB Certificates. After considering all facts, including incriminating material against the petitioner which are the statements made by co-accused/witness under section 50 of PMLA and the fact that their evidentiary value can be tested at the stage of trial, no generation of ‘proceeds of crime’ from criminal activity and the petitioner being a sick and infirm person, the present anticipatory bail application is allowed. The petitioner, in case of arrest, shall be released on bail on furnishing personal bond in the sum of Rs. 1,00,000/- with one surety of the like amount to the satisfaction of the concerned Investigating Officer or any other authorized person subject to conditions imposed. Bail application allowed.
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