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2023 (2) TMI 373 - HC - Money LaunderingMoney Laundering - connivance with the bank officials and private persons entered into a criminal conspiracy to cheat the bank causing huge loss to the bank and corresponding wrongful gain to themselves - HELD THAT - The petitioner has been enlarged on bail in predicate offences by this Court. The Enforcement Directorate took the investigation in respect of the money laundering. During the course of investigation by the Enforcement Directorate, the role of the petitioner has come in entering into criminal conspiracy with the accused Chandra Prakash Singh and other co-accused. The Enforcement Directorate has found that a Pay Order of Rs.5,10,000/- was issued in favour of the petitioner from Rs.56,40,000/- amount, which was embezzled/misappropriated by Chandra Prakash Singh and other co-accused. It is stated that learned counsel for the Enforcement Directorate and Sri Manoj Kumar Singh are not in a position to dispute that rigour of Section 45 of PMLA, 2002 would not apply in the facts and circumstances of the case inasmuch as the total amount involved in the present case is less than One Crore. The present petition is disposed of with liberty to the petitioner to surrender before the concerned PMLA court within a period of ten days from today and applies for regular bail. If he apply for bail within the aforesaid period, his bail application should be considered and decided preferably on the same day keeping in mind that rigour of Section 45 PMLA, 2002 would not apply in the facts and circumstances of the case.
Issues:
1. Quashing of summoning order and proceedings under PMLA, 2002. 2. Allegations of banking fraud and criminal conspiracy. 3. Investigation by CBI and Enforcement Directorate. 4. Bail application and applicability of Section 45 of PMLA, 2002. Issue 1: Quashing of summoning order and proceedings under PMLA, 2002 The petitioner sought the quashing of the summoning order dated 2.4.2018 and the entire proceedings of Complaint Case No.2 of 2018 under Section 482 Cr.P.C. The petitioner was involved in a case related to the Prevention of Money Laundering Act, 2002 (PMLA, 2002), and requested relief from the court regarding the ongoing legal process. Issue 2: Allegations of banking fraud and criminal conspiracy A banking fraud was reported by the Regional Manager of a bank, alleging that the Branch Manager, along with other individuals, engaged in a criminal conspiracy to cheat the bank, resulting in substantial losses to the bank and wrongful gains for themselves. The CBI registered an FIR and filed a charge sheet against several individuals, including the petitioner, under relevant sections of the IPC and Prevention of Corruption Act. Issue 3: Investigation by CBI and Enforcement Directorate The Enforcement Directorate took over the investigation concerning money laundering aspects of the case. It was found that the petitioner was involved in a criminal conspiracy with the main accused and had received a significant amount from the embezzled funds. The petitioner had been granted bail in the predicate offences by the Court, and the Enforcement Directorate further examined the money laundering aspects of the case. Issue 4: Bail application and applicability of Section 45 of PMLA, 2002 The petitioner, through counsel, indicated a willingness to not pursue the petition on merit. However, the petitioner requested the court to consider his bail application, highlighting that the amount involved was less than One Crore, suggesting that the stringent provisions of Section 45 of PMLA, 2002 would not apply. The court acknowledged this argument and disposed of the petition, granting the petitioner the liberty to surrender before the PMLA court within a specified period and apply for regular bail, with instructions to consider the bail application promptly. This judgment addressed the petitioner's plea to quash the summoning order and ongoing proceedings under PMLA, 2002, in the context of allegations related to banking fraud, criminal conspiracy, and money laundering. The court considered the bail application in light of the amount involved and the applicability of Section 45 of PMLA, 2002, ultimately granting the petitioner the opportunity to surrender and apply for bail within a specified timeframe.
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