2011 (3) TMI 1768 - HC - Money Laundering

Summary

Issues involved: Bail application u/s Complaint Case No. 1 of 2009, u/s Enforcement Case Information Report- E.C.I.R./02/PAT/09/AD u/s Prevention of Money Laundering Act, 2002.

Judgment Summary:

Issue 1: Previous rejection of bail application
The High Court rejected the bail application of the Petitioner earlier due to the seriousness of the offence, involvement of high-profile individuals, and the risk of influencing the investigation. The Supreme Court also dismissed the Special Leave Petition but granted liberty to renew the bail application after three months.

Issue 2: Grounds for bail application
The Petitioner's counsel argued that the allegations were based on coerced statements, no action was taken against similar co-accused, and the Petitioner's detention was prolonged. Comparisons were drawn to other cases where bail was granted after a certain period of detention.

Issue 3: Directorate of Enforcement's opposition
The Directorate of Enforcement opposed the bail application, highlighting the extensive money laundering scheme involving the Petitioner, illegal money acquisition, and laundering of proceeds through various channels. The Petitioner's active involvement in the offence was emphasized, along with the ongoing investigations in India and abroad.

Conclusion:
The Court refrained from expressing opinions that could prejudice the trial. It found the Petitioner's arguments unconvincing, considering the seriousness of the charges, the evidence supporting them, and the provisions of the Money Laundering Act. The bail application was rejected based on the active involvement of the Petitioner in the alleged offences and the risk of tampering with evidence.