TaxTMI 
TaxTMI 
2022 (11) TMI 155
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....ion of Interest of Depositors in Financial Establishments Act, 2004 (hereinafter referred to as 'KPIDFE Act') and Section 4 of the Prevention of Money Laundering 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 Sahak....
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....t. His account was not an NPA account. Till January 2020, he has paid EMIs. In the predicate offence, the trial Court has granted anticipatory bail to him. Accused 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 b....
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.... given proper account and explanation sought by the ED. The bank said to be lent some amount to his company SRV solutions for Rs. 16.63 crores and the petitioner 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....
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....with the officers and he has suppressed the facts for having laundering the money. The main apprehension of the prosecution is that the petitioner is having considerable 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 ....