TMI Blog2022 (11) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... stigation and destroy the evidence and he may also defeat the objectives of the PML Act. HELD THAT:- The petitioner was released on bail in the predicate offence, but this case is based upon the money laundering. Of course, Section 45 provides that if the Court is satisfied that there are reasonable grounds to believe that the petitioner is not guilty of such offence and he is not likely to commit any offence while on bail, then only he shall be released. Here in this case, the petitioner has not whispered and has not given any details of the property on which he has invested. Even though, he has received Rs. 60 crores by way of cash which was against the law has not disclosed the amount in which he has invested. Considering the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act (hereinafter referred to as 'PML Act'), now pending on the file of Principal City Civil and Sessions Judge and Special Judge for Trial of PMLA Cases, Bengaluru. 2. Heard the arguments of learned Senior Counsel appearing for the petitioner's counsel and the Special Counsel Sri Madhukar Desphande for respondent-ED. 3. The case of the prosecution is that the office of Registrar of Co-operative Society issued a letter dated 23.01.2020 to the respondent-ED to investigate the lapses and the irregularities with respect to the functioning of Guru Raghavendra Sahakara Bank Niyamitha which is a co-operative bank registered under the Karnataka State Co-operative Societies Act, 1959. It is alleged that the said bank has allegedly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NO.1 who is MD of the bank has misused the official position and this petitioner is one of the borrowers is nothing to do with any offence alleged by the ED. Once the ED accepted the petitioner is borrower and liable to pay the loan amount, it cannot fall under the category of section 4 of PML Act. The provision of Section 45 will not attract against this petitioner. Until the prosecution brought the guilt of the accused he cannot take any defence of proving that he is not the guilt will not arise. Petitioner is not involved in any business of money laundering. The loan said to be given to other parties through three accounts. The petitioner is in custody for more than three months. He is ready to abide by any conditions. All accused are on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is the beneficiary of the amount misused by the accused NO.1 in the bank and the said money has been laundered by this petitioner. Therefore, it is contended that the coordinate bench also rejected bail petition of accused NO.1. Hence prayed for rejection of the petition. 6. Having heard learned Senior Counsel for the petitioner and the learned Special Counsel for respondent, perused the records. 7. On perusal of the record, it reveals that the petitioner was an accused in Crime No. 37/2020 registered by Basavanagudi police for the offences punishable under Sections 406, 409, 420, 120B read with 34 of IPC and Section 9 of KPIDFE Act. The said case was registered against the petitioner and accused No. 1-Ramakrishna, who is said to be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsiderable influence and if he is released on bail, he would scuttle the investigation and destroy the evidence and he may also defeat the objectives of the PML Act, and further, he may also alienate the property, which is in his possession and he has not disclosed the same and he may cause hurdle for attaching the property by the ED authorities. 8. The Co-ordinate Bench of this Court has also rejected the bail application of accused No. 1 Ramakrishna in Criminal Petition No. 2561/2022 dated 24.06.2022 by relying upon the judgment of the Hon'ble Supreme Court reported in Central Bureau of Investigation Vs. Ramendu Chattopadhyay reported in (2020) 14 SCC 396. The petitioner was released on bail in the predicate offence, but this case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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