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2022 (3) TMI 406 - DSC - Money LaunderingSeeking grant of bail - Money Laundering - reasonable grounds for believing that he is not guilty of such offence - confiscation of proceeds of crime - Twin conditions of section 45 of PMLA was fulfilled or not - HELD THAT - Principal object of the PML Act is 'Confiscation' of proceeds of crime. In the present case, ED has already attached properties of the applicant worth ₹ 80 Crores. Hence, part of the object has been already fulfilled. Further everything has been documented in eight huge volumes with the complaint. Co-accused are behind bars since more than a year. There is no certainty that the trial will begin and conclude in near future. In this background and in view of above detailed discussion, it is held that there are reasonable grounds for believing that applicant is not guilty of such offence in order to attract rigours of Sec.45(1)(i) and (ii) of PML Act. Even if the rigours of twin conditions under Sec.45(1) of PML Act are applied, yet the case of applicant is qualified under Sec.45(1)(i) and (ii) of PML Act. Applicant has various immovable properties, establishments and companies in India. If certain conditions are imposed on him, he will not flee from India nor would commit any offence while on bail. Applicant Mr. Sachin Joshi S/o Jagdish Mohanlal Joshi be released on bail, by executing PR bond of ₹ 30,00,000/- and one or two sureties of like amount, and on conditions imposed - application allowed.
Issues Involved:
1. Whether the applicant has satisfied that there are reasonable grounds for believing that he is not guilty of the offence and is not likely to commit any offence while on bail. 2. What order should be passed regarding the bail application? Detailed Analysis: Issue 1: Reasonable Grounds for Believing Non-Guilt and Non-Recurrence of Offence The applicant, Sachin Joshi, is accused No.5 and a director of various companies. He was remanded to judicial custody on 22.02.2021, and the court took cognizance of the complaint on 30.03.2021. He has been in judicial custody since then, with temporary bail granted for medical reasons. The applicant contends that he is not involved in the alleged offence of money laundering and has been falsely implicated. He has an unblemished record and has never been convicted of any offence. The Directorate of Enforcement (ED) opposed the bail application, alleging the applicant's involvement in money laundering. The court examined the grounds for bail, relevant documents, and arguments from both sides. The ED's complaint was based on an FIR against Omkar Realtors and Developers Pvt. Ltd. (ORDPL) and its officials, alleging the laundering of ?410 Crores, a loan granted by YES Bank to ORDPL. The ED claimed that the applicant received approximately ?80 Crores from ORDPL, which is part of the proceeds of crime (POC). The court noted that the initial burden is on the ED to show that the applicant received POC. The court examined the bank statements and found no evidence that the applicant received any money from the YES Bank account of ORDPL. The transactions between ORDPL and the applicant were through other banks, and the amounts received by the applicant were not linked to the alleged POC. The court also noted that some transactions occurred before the loan was disbursed, further weakening the ED's case. The court found that the ED failed to establish the foundational facts required to attract the rigours of twin conditions under Sec.45 (1) of the PML Act. The court concluded that there are reasonable grounds for believing that the applicant is not guilty of the offence and is not likely to commit any offence while on bail. Issue 2: Order The court allowed the bail application, setting conditions for the applicant's release: 1. The applicant shall not leave India till further order. 2. The applicant shall submit his passport to the ED. 3. The applicant shall inform the court and the investigating agency of his place of residence and contact numbers. 4. The applicant shall attend the ED office whenever called for investigation and cooperate with the investigation. 5. The applicant shall not undertake any acts that will prejudice the proceedings before the court. 6. The applicant shall not attempt to meet witnesses or tamper with evidence. 7. The applicant shall not involve in any activity relating to proceeds of crime. 8. In the event of breach of any conditions, the ED can apply for cancellation of bail. The applicant was ordered to be released on furnishing provisional cash security of ?30,00,000 and a PR bond of the same amount.
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