2023 (9) TMI 1472 - HC - Money Laundering

Money Laundering - seeking grant of bail - source of income - acquiring huge properties in the name of their family members - HELD THAT - Considering the facts and period of custody, let the petitioner be released on bail subject to fulfilment of conditions imposed - bail application allowed.

Summary

Issues involved: Bail application u/s PMLA, 2002 for a petitioner in custody since 11.12.2020 in connection with Special Trial No.(PMLA) 04 of 2018.

The petitioner sought bail in connection with Special Trial No.(PMLA) 04 of 2018 u/s PMLA, 2002, where the prosecution alleged involvement in money laundering activities and association with a banned extremist organization. The petitioner claimed innocence and presented documents to support the legitimate acquisition of assets. The co-accused's bail was granted earlier, and the trial was pending without framing charges as of the latest report.

The petitioner's counsel argued for bail based on the delay in trial proceedings and the bail granted to a similarly situated co-accused. The Union of India opposed the bail citing multiple other cases against the petitioner.

The High Court granted bail to the petitioner upon furnishing a bail bond of Rs. 10,000 with conditions including cooperation in the trial, non-tampering with evidence or witnesses, and verification of criminal antecedents. The bail was subject to cancellation for non-compliance with the conditions or if criminal antecedents were found to have been concealed.