2017 (9) TMI 2027 - SCH - Money Laundering

Release on bail - deposit of a sum of Rs. 75 crores and on execution of a bank guarantee of Rs. 10 crores - the first complainant on caveat submits that if the money is released as directed by the High Court he shall have no objection for quashing of the proceedings arising out of the aforesaid provided that the money which was deposited is released back to the claimants by the Commissioner appointed by the High Court. HELD THAT - here are 136 claimants. Learned counsel for respondent no. 2 states that all these claimants are ready to make the aforesaid statement on payment of dues as directed by the High Court. This is acceptable to the petitioner as well. In these circumstances this petition is disposed off with the following directions a) All the claimants are directed to approach the High Court with the aforesaid request by filing affidavits stating that they have no objection in quashing the criminal proceedings arising out of the aforesaid FIR insofar as the petitioner is concerned. b) On filing the affidavits the High Court shall quash the proceedings arising out of the aforesaid FIR insofar as the petitioner is concerned. c) Till the time these affidavits are filed and the order of the quashing is passed by the High Court the amount shall not be disbursed and the amount shall be disbursed only after filing of the affidavits. d) The petitioner shall also be involved in the aforesaid process so that he is able to verify that only genuine persons have filed the affidavits and received the payments. SLP disposed off.

Summary

Issues:
1. Bail conditions and payment made by the petitioner.
2. Directions passed by the High Court for investigation and disbursement of funds.
3. Involvement of claimants in quashing criminal proceedings.
4. Disposal of the petition and further directions.

Bail Conditions and Payment by Petitioner:
The petitioner was released on bail upon depositing Rs. 75 crores and providing a bank guarantee of Rs. 10 crores. The petitioner clarified that the amount was paid to demonstrate good faith without admitting any wrongdoing. The High Court issued specific directions regarding the utilization of the cash deposit for disbursing amounts to 136 claimants.

High Court Directions for Investigation and Disbursement:
The High Court ordered the continuation of the investigation in a specific case and mandated the filing of a final report within eight weeks. It directed the utilization of the cash deposit for disbursing amounts to the 136 claimants listed in the annexure. The Hon'ble Commissioner was tasked with determining the amount due to each claimant based on satisfactory receipts and indicated amounts.

Involvement of Claimants in Quashing Criminal Proceedings:
The counsel for the first complainant stated that if the money was released as directed by the High Court, they would have no objection to quashing the proceedings, provided the money was returned to the claimants. All 136 claimants agreed to this condition and were ready to file affidavits expressing no objection to quashing the proceedings. The petitioner also accepted this arrangement.

Disposal of the Petition and Further Directions:
The Supreme Court disposed of the petition with directions for all claimants to file affidavits at the High Court stating their agreement to quash the criminal proceedings against the petitioner. The High Court would then quash the proceedings after receiving the affidavits. The amount would only be disbursed after the affidavits were filed, and the petitioner would be involved in the process to ensure only genuine claimants received payments.

This detailed judgment addressed the bail conditions, investigation directions, involvement of claimants in quashing criminal proceedings, and the subsequent disposal of the petition with specific instructions for the disbursement process.