TMI Blog2020 (6) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... wledge and subsequently, they were transferred through RTGS to other accounts. It was submitted that Shashi Kumar and Rajesh Kumar had given blank cheques to the Bank for being used in case they defaulted in the loan repayment and, having been given in good faith, were misused, in connivance with the Bank officials by using them for RTGS transfer from their accounts to various other accounts. It was submitted that under such circumstances, it was the petitioner who had laundered the demonetized illegal cash into legal cash through the mode of depositing it in connivance with the Bank officials and then getting the same transferred to various other accounts, most of which were fictitious. The petitioner should not be enlarged on bail - a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s huge amounts of cash were deposited post demonetization and from there, through RTGS, the amounts were transferred into various other accounts. It was submitted that on the basis of complaint lodged by Shashi Kumar and Rajesh Kumar, that fraud had been committed in their accounts, as without having made any cash deposits, transactions of heavy amounts were reflected in their accounts, police cases were registered and thereafter the Enforcement Directorate came into the picture leading to the present case. It was submitted that there is nothing to connect the petitioner to such heavy cash deposits and the petitioner himself is the Managing Director of MDI Cotton Mills Private Limited located at Manpur in Gaya and his turn over is in crores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not in his knowledge with regard to accounts maintained by them. Learned counsel submitted that because the petitioner has good business and there is heavy transaction in his account, he has been made a scapegoat by the authorities to hide their misconduct without the petitioner being involved in such transactions. Learned counsel further submitted that though there is restriction under Section 45 of the Act but the same does not bar the Court from considering and granting bail if the Court is satisfied that the petitioner may be innocent and that there is no chance of tampering with the evidence. It was submitted that in the present case, both the conditions are satisfied and most importantly, the person namely Dhiraj Jain, who is said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eir accounts to various other accounts. It was submitted that under such circumstances, it was the petitioner who had laundered the demonetized illegal cash into legal cash through the mode of depositing it in connivance with the Bank officials and then getting the same transferred to various other accounts, most of which were fictitious. Learned counsel submitted that even from the account of MTI Cotton Mills Private Limited, of which the petitioner is the Managing Director, more than 13 crore rupees were transferred into various accounts of persons and firms which have been found to be fictitious. Learned counsel submitted that the level of satisfaction of the Court as contemplated in Section 45 of the Act is of a high level which has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ption, in the absence of there being any explanation as to how such huge demonetized notes came in the possession of the petitioner which he has deposited, the onus is on him to rebut and show that the same was bona fide, failing which, for the present at least, there is a presumption in law that the petitioner is guilty under the Act. Thus, learned counsel submitted that there being such strong evidence against him which is based on his own statement under Section 50 of the Act, the petitioner cannot be said to be innocent or not involved in the crime alleged. It was submitted that in such background, the first condition under Section 45, that the Court has to reach to a conclusion, maybe tentative and only for the purposes of consideri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zed cash being made legal by depositing it into the Bank was solely the act of the petitioner. It was submitted that only after the illegal demonetized notes were made legal by showing them to be deposited in various accounts of other persons, which was done only by the petitioner, the role of Dhiraj Jain, will start as he has only instructed as to where such white money should be transferred. Thus, it was contended that there cannot be any similarity between the case of Dhiraj Jain and the petitioner. Learned counsel further submitted that recently the Hon ble Supreme Court in Special Leave Petition (Criminal) Diary No. 5150 of 2020 by order dated 03.06.2020 in the case of Directorate of Enforcement New Delhi v. Upendra Rai has issued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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