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2022 (1) TMI 1427 - HC - Money LaunderingSeeking grant of bail - Money Laundering - embezzlement of more than Rs.18 crores and also of money laundering - misuse of liberty of jail in other cases or not - HELD THAT - Keeping in view the gravity of the offence and the offence alleged is economic offence, which ultimately damages the national economy, the bail application of the applicant is deserved to be rejected. The prayer for bail of the applicant is hereby rejected.
Issues: Bail application in connection with embezzlement and money laundering under the Prevention of Money Laundering Act, 2002.
Analysis: The bail application was filed on behalf of the applicant, a Junior Engineer, in connection with a case registered under the Prevention of Money Laundering Act, 2002. The applicant was accused of embezzling government funds amounting to Rs.18,00,76,144. It was highlighted that the applicant was already on bail in 16 other cases related to the same matter and had not misused the liberty of bail. The applicant had been in jail since June 18, 2020, and had cooperated with the investigating agency during the investigation. The Special Public Prosecutor representing the Enforcement Directorate argued that the case involved embezzlement of over Rs.18 crores and money laundering. The applicant, who had been suspended in 2006, was accused of misappropriating funds meant for development work by transferring them to his own account and his relatives' accounts. It was noted that the applicant had misused the liberty of bail in other cases, leading to his arrest under coercive processes. The court, considering the gravity of the offense and the economic nature of the alleged offense, which could potentially damage the national economy, rejected the bail application of the applicant. The decision was based on the submissions made, the material on record, and the nature of the offense being an economic one. The rejection of the bail application was deemed necessary in light of the seriousness of the allegations and the potential impact on the national economy.
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