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TMI Blog2019 (9) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... I vide RC-DAI-2017-A-0022 dated 29.05.2017 U/s 420, 120B IPC and 13 (2) r/w 13 (1) (d) PC Act. 3. According to the FIR, the Officials of Ministry of Civil Aviation, NACIL, Air India by abusing their official position as public servants and by receiving illegal gratification, in conspiracy with other public servants, private domestic and foreign air lines, made the national carrier i.e. Air India, give up profit making routes and profit making timings in favour of national and international domestic and foreign private airlines, which resulted in huge loss of market share to the national carrier and led to pecuniary benefits to private domestic and foreign air lines; that foreign airlines were given unrestricted entry to India and major routes were given to them without taking any reciprocal benefits to Air India. Despite warnings that these actions would result in heavy loss of market share to national carrier, the public servants of MOCA, continued to act dishonestly in order to confer pecuniary advantage to the private, domestic and foreign airlines; that the routes were allocated by public savants of Civil Aviation Ministry in pursuance to a criminal conspiracy and on the direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived in the accounts of M/s Asia Field Limited and further investigation is underway to trace the flow of fund amounting to Rs. 144,32,70,000/- received in the accounts of Gilt Asset Management Limited from those airlines. 6. Money moved through various layers to finally land in M/s Wave Hospitality Pvt. Ltd., which finally acquired Hotel Holiday Inn, Aerocity, Delhi. Investigation indicated the commission of offence of PML Act as defined u/s 3 r/w section 70 punishable u/s 4 of the PML Act. The company of the petitioner M/s Track India Pvt. Ltd was linked to Qatar Airbase and Air Arbia to work as General Sales Agent which is the documentary evidence. 7. Proceeds of crime were transferred to M/s Asia Field Ltd. through various Indian and Offshore entities controlled and beneficially owned by petitioner viz Wave Index Pvt. Ltd., Asia Pack Alternative Investment Pvt. Ltd., IDFS Trading Pvt. Ltd. All these companies subsequently invested, in Wave Hospitality Pvt. Ltd. thus integrated the proceeds of crime, which was then utilized in acquiring hotel Holiday Inn, Aerocity, Delhi. The proceeds of crime were also laundered through M/s Gilt Assets Management Ltd. 8. I have heard the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case has revealed that bilateral meetings held between India and UAE/Qatar resulted in wrongful loss to Air India and substantial gain to the airlines of UAE/Qatar. It is further stated that the entities controlled by the petitioner directly or indirectly received exorbitant amounts from the foreign airlines, namely Air Arabia, Qatar Airlines and Emirates, which are proceeds of crime. The petitioner owned and managed M/s Track India Pvt. Ltd which was the General Sales Agent for Qatar Airways and Air Arabia and there is ample evidence to show the complicity of the petitioner in the commission of offence of money laundering. It is further stated that the petitioner is the controller and beneficial owner of M/s Asia Fields Limited with his family and associates and this company has received proceeds of crime amounting to Rs. 127 crores approximately from foreign based airlines and these proceeds of crime have been placed, layered and integrated through various Indian and offshore entities and Hotel Holiday Inn, Aerocity Delhi has been acquired. 12. It is further stated in the reply that the investigation is ongoing in relation to the proceeds of crime laundered through M/s Gilt Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is ample evidence to connect the money transferred in the account of M/s Asia Field Ltd. and Guilt Asset Management Ltd. with the petitioner and his son. He further urged that there is likelihood of petitioner / accused fleeing from justice and he is already tampering with the evidence despite being in custody. In support of this contention the Ld. ASG has sought to rely upon diaries of proceedings of investigation and handed over a copy of diaries of proceedings of investigation in a sealed cover to the Court for perusal while seeking to maintain confidentiality in respect of these diaries. 15. It is further submitted by him that the contention of the counsel for the petitioner that the investigation qua the petitioner is complete is misplaced as the petitioner is involved in a commission of grave offence and he is a key link to unearth the entire modus operandi adopted by him and his release on bail would be detrimental to the further investigation of the case which is at a crucial stage and if enlarged on bail, the petitioner would dispose of the proceeds of crime accumulated in the foreign bank accounts and offshore entities linked to the petitioner. It is further urged by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner is complete, rather huge amount of money is still to be trailed. 20. I have also gone through the diary of proceedings handed over by the ld. ASG during the course of the arguments and the perusal of the same shows that despite being in J.C. how the petitioner is still ruling the roost and is in constant touch with co-accused and interfering with the investigation. So when this is the clout of the petitioner that despite being in J.C. he is managing things then one can very well imagine what he can do once out on bail. 21. The Supreme Court in Rohit Tandon Vs. Directorate of Enforcement (2018) 11 SCC 46 while dealing with the bail plea in a money laundering case, has again reiterated that white collar crimes/economic offenders have deep rooted conspiracies involving huge amount of public funds and this should be viewed seriously and such offences ought to be considered as grave offences. Pertinently, the bail plea in the case of Rohit Tandon (Supra) was repelled by the Supreme Court while observing that duty of the Court at the bail stage is not to weigh the evidence meticulously but to arrive at a finding on the broad probabilities of the case. 22. So, in view of the dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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