TMI Blog2022 (9) TMI 1160X X X X Extracts X X X X X X X X Extracts X X X X ..... on bail in the case mentioned above, subject to furnishing a personal bond of Rs. One lac only, and furnishing one surety for Rs. Five lacs, to the satisfaction of the Trial Court. Before accepting the sureties, the concerned officer must satisfy that if the accused fails to appear in Court, then such surety is capable of producing the petitioner before the Court. Petition allowed. - CRM-M-13080-2022 - - - Dated:- 19-9-2022 - HON'BLE MR. JUSTICE ANOOP CHITKARA Present:- Mr. Prateek Pandit, Advocate for the petitioner(s). Mr. Satya Pal Jain, Sr. Advocate for Mr. Shobit Phutela, Advocate for the respondent-ED. Mr. R.S. Dhaliwal, Advocate for Mr. Rajeev Anand, Advocate for respondent-CBI. **** ANOOP CHITKARA, J. Complaint No. Dated Pending in Court Sections COMA/03/2011 22.9.2021 Special Court, CBI (PMLA), 44 and 45 of the Prevention of Money Laundering Act, 2002 as defined u/s 3 R/w Section 70 and punishable u/s 4 of the PMLA Act 2002. 1. The petitioner apprehending arrest i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that there is no allegation of repeating any offence, the previous criminal history of the petitioner is not being considered strictly at this stage as a factor for denying bail. 6. The Directorate of Enforcement s case, in nutshell is that the accused Vikram Seth operated a few bogus entities in his name and also in the name of the family members, as mentioned in the complaint, which reads as follows: - (2). Brief summary of cause of action under Prevention of Money Laundering Act, 2002 (PMLA). The complainant submits that the condition precedent to investigate the offence of Money Laundering by the Complainant/ Directorate of Enforcement is either an FIR or a Police Report u/s 173 of Cr.P.C. or a complaint, in respect of scheduled offences under the PMLA, 2002. The PMLA, 2002, is an act to prevent Money Laundering and to provide for confiscation of any property derived or obtained directly or indirectly from, or involved in any process or activity connected to proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property. Since Sections 120-B, 420, 467 and 471 of IPC, 1860, and Section 13 of the Prev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... genuine and thereby cheated the bank and induced delivery of property as explained in para 3 of the prosecution complaint. (2.4) The loan amounts availed fraudulently through criminal conspiracy, cheating, forgery and using forged documents as genuine were not utilized for the intended purpose and were layered by routing through accounts of various associated firms/companies and other fraudulent firms by the accused persons through a web of transactions as explained in para 7.3 of this complaint and ultimately the funds were diverted and siphoned off. Sh. Vikram Seth entered into sham business transaction with those entities which were controlled by his acquaintances and friends. In addition to the above, Sh. Vikram Seth used to canvass that he was influential enough to obtain loans for those acquaintances through his connections with Bank of Baroda and used to engage himself in manipulating records showing inflated revenues and profits and thereby entitle those entities for loans beyond their genuine entitlements. It has also been found out during investigation, that upon disbursal of loans to those entities, he would demand and obtain commission ranging from 12% to 14%. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by him having deployed the PoC thus layered to discharge existing loans or purchasing/acquiring property, has projected the amounts used for retiring such existing loans as untainted property has fulfilled all the ingredients of the offence of money laundering as defined in section 3 of the PMLA, 2002. Other accused persons have also fulfilled all the ingredients of the offence of money laundering as defined in section 3 of the PMLA, 2002 as elaborated against their names in para 13 of this complaint. 7. As per the complaint, the specific role attributed to the petitioner Anil Goel reads as under: - I. Sh.Vikram Seth had operated various bogus entities in the name of himself and his family members and availed 19 loans from Bank of Baroda, G.T. Road, Phagwara, fraudulently through criminal conspiracy, cheating, forgery and using forged documents as genuine in the names of business entities opened in his name and in the name of his family members. The loan amounts availed fraudulently were layered by routing through accounts of various associated firms/companies and other fraudulent firms by the accused persons through a web of transactions as explained in para 7.3 of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommission at the rate of 5-10% from those persons to whom he was helping to avail the loans. In this way he has collected approximately Rs. 2 crores as commission/bribe in the names of bank officials during the year 2005-2012 from the proprietors of above mentioned and other such firms for getting the loans sanctioned to them on the basis of inflated and forged documents. IV. Thus, it is clear that Sh. Anil Goyal being accountant and close associate of Vikram Seth, had knowingly assisted Sh. Vikram Seth and was actually involved in one or more of processes or activities related to the proceeds of crime, had committed the offence of money laundering within the meaning of section 3 of Prevention of Money Laundering Act, 2002, which is punishable under section 4 of the Act ibid. 8. Till the time of filing of the complaint, the Enforcement Directorate chose not to arrest the accused. Only when the concerned trial Court summoned the accused, as they failed to put in an appearance, the court issued bailable and non-bailable warrants, which led to the arrest of the accused Vikram Seth and in the interregnum also of Suresh Seth. Thus, it is clear that ED filed the complaint witho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actors for bail to be the public or the State's immense interest and similar other considerations. In Dataram Singh v State of Uttar Pradesh, (2018) 3 SCC 22, (Para 6), Supreme Court held that the grant or refusal of bail is entirely within the discretion of the judge hearing the matter and though that discretion is unfettered, it must be exercised judiciously, compassionately, and in a humane manner. Also, conditions for the grant of bail ought not to be so strict as to be incapable of compliance, thereby making the grant of bail illusory. 12. Without commenting on the case's merits, in the facts and circumstances peculiar to this case, and for the reasons mentioned above, the petitioner makes a case for bail, subject to the following terms and conditions, which shall be over and above and irrespective of the contents of the form of bail bonds in chapter XXXIII of CrPC, 1973. 13. In Mahidul Sheikh v. State of Haryana, CRM-33030-2021 in CRA-S-363-2020, decided on 14-01-2022, Para 53, [Law Finder Doc Id # 1933969], this Court observed, [53]. The pragmatic approach is that while granting bail with sureties, the Court and the Arresting Officer should give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under S. 437-A CrPC, 1973, or until discharged by substitution as the case may be. If any, subject to the proceedings under S. 446 CrPC, the entire amount of fixed deposit, less taxes if any, shall be endorsed/returned to the depositor. 16. It shall be the total discretion of the applicant to choose between surety bonds and fixed deposits. It shall also be open for the applicant to apply for substitution of fixed deposit with surety bonds and vice-versa. 17. On the reverse page of personal bonds, the attesting officer shall mention the permanent address of the petitioner along with the phone number linked with the AADHAR card, the other phone numbers (if any), and e-mail (if any). In case of any change in the above particulars, the petitioner shall immediately and not later than 30 days from such modification, intimate about the change to the concerned Police Station and the concerned Court. 18. The petitioner to also execute a bond for attendance in the concerned Court(s), as and when asked to do so. The presentation of the personal bond shall be deemed acceptance of the following and all other stipulations, terms, and conditions of this bail order. 19. The petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X
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