TaxTMI 
TaxTMI 
2022 (4) TMI 1567
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....bail in connection with ECIR Case No.01 of 2022 registered under Section 3 read with Section 70 of the Prevention of Money Laundering Act, 2002 and punishable under Section 4 of the PMLA. 3. The prosecution case in brief is that the petitioner(s) floated company(s) in order to take loan from the Bank and after drawing the loan amount to the tune of Rs. 77 Crores and odd for the Company business, they diverted it into the real estate business. Bank loan as a result turned NPA leading to the institution of the case. A.B.A. No. 10336 of 2022. 4. Petitioner (Abhishek Agarwal @ Abhishek Agrawal) and his wife Pinki Agrawal were Directors of M/s Shri Ram Comtrade Pvt. Ltd. which claimed to be in business of trading of building materials, Mercha....
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.... which were being controlled by Gyan Prakash Sarawgi (accused no.1) and this petitioner in which loan was raised from the Bank and diverted into the real estate causing a total loss of Rs. 77.36 Crores to the Bank and the same became non-performing assets. 10. In Para-7 of the charge-sheet the details of real estate purchased in order to launder the embezzled amount has been given. To sum up the proceeds of crime committed through predicate offence of taking loan for the purpose of misappropriating the amount came to Rs. 77.36 Crores and the launder amount as per the charge-sheet in real estate investment was of Rs. 4.12 Crores. 11. M/s Global Traders Pvt. Ltd. was floated in the name of Vikash Khetawat who was working as a Clerk and draw....
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....or the Court after cognizance to arrest the accused and be taken into custody in cases of PMLA. 14. This principle will apply in anticipatory bail matters and the same has been clarified in the subsequent order passed in Satender Kumar Antil vs. CBI, in SLP (Crl.) No.5191 of 2021 in its order dated 21.03.2023. The proposition of law that arrest is not a prerequisite for filing of the chargesheet as stated in Siddharth vs. State of U.P., reported in 2022 (1) SCC 676 has been followed in Amar Preet Singh vs. CBI, 2021 SCC OnLine SC 941. Reliance is also placed on 2022 SCC OnLine Del 4065 and 2022 SCC OnLine Cal 4095 as well as 2023 SCC OnLine All 58 wherein the principle applied is that if the accused is not arrested during investigation, th....