9911796707
TMI Blog2022 (11) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... rpay and PayU were not adhered to and it was Power Bank and Sunfactory which lured the general public to invest the money. It is also evident that Power Bank and Sunfactory were not available on Google Playstore and later on complaint came to be filed in Cr.No.8/2021. Later on Enforcement Directorate has taken up this case. It is also evident from the records that there is specific allegations that the present petitioner did not cooperate during the investigation and the software developer informed that some source code in the software for gaming platform was manipulated by the present petitioner and gateways were linked to Power Bank and Sunfactory. There is no dispute of the fact that the petitioner is partner in both M/s. Clifford Ven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d:- 3-11-2022 - HON BLE MR. JUSTICE RAJENDRA BADAMIKAR PETITIONER (BY SRI. KIRAN S. JAVALI, SENIOR ADVOCATE A/W SRI. MANE SHIVAJI HANUMANTAPPA, ADVOCATE) RESPONDENT (BY SRI. P. PRASANNA KUMAR, ADVOCATE) ORDER The petitioner has filed this petition under Section 439 of Cr.P.C. for enlarging him on bail in Sp.C.C.No.782/2022 (ECIR No.ECIR/BGZO/47/2021) on the file of the Prl. City Civil and Sessions Judge, Bengaluru for the offence punishable under Section 3 read with Section 4 of the Prevention of Money Laundering Act, 2002 (for short PML Act ). 2. The brief facts of the case are that the Cyber Crime Police in Bengaluru registered an FIR in crime No.8/2021 dated 15.06.2021 against 13 accused for having committed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank a Chinese based app and diverted the funds. It is also asserted that the petitioner has not co-operated during the course of investigation and hence, the case came to be registered. 3. The petitioner has approached the learned Spl. Court/ Prl. City Civil and Sessions judge, Bengaluru and the bail petition filed by him came to be rejected. Hence, the petitioner is before this Court. 4. Heard the learned counsel for the petitioner and learned standing counsel for respondent. Perused the records. 5. Learned counsel for the petitioner contends that since last 11 months he is in custody and no final report is filed as on today and still investigation is going on. He would also contend that there is no material evidence to prove th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he is not likely to commit any offence while on bail, then he is entitled for bail. Though the first test is complied, the second test is required to be complied. 8. The allegations disclose that petitioner being the partner in M/s. Clifford Ventures and M/s. H S Ventures Inc. collected money from public for starting online gaming business in which Rummy will be offered for public online for playing and consequent upon win or lose, money transaction would be there. However, it is important to note here that the services of Razorpay and PayU were obtained by the petitioner and as such the said two firms provided the services by enabling gateway services. However, both the companies started to receive complaints that money was paid to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , but the amount was routed through Power Bank and Sunfactory apps. Thus it clearly establish the intention of the petitioner for routing the transactions from different sources of business. It is important to note here that act of receiving financial investments from public with a false promise to provide higher returns on such investment would cause severe financial loss to the investors and it also affect the economic impairment to thousands of investors. The records also prima-facie disclose that money collected from public has been transferred to several various companies by the petitioner without there being any reason/occasions. It is further alleged that it is a process of concealment and layering of funds that had been acquired by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merely on that ground the petitioner cannot be admitted on bail considering the involvement in such a huge fraud. Apart from that he could be provided treatment in the hospital and it is not the case that no such treatment is available in the hospital. Under such circumstances, the said ground is not available to the petitioner. 12. Admittedly after completing preliminary investigation, the complaint came to be lodged and there is prima-facie material. The other ground for bail on predicate offence cannot be entertained as admittedly it is a economic offence and it is required to be dealt firmly. Further the explanation under Section 50 of the PML Act is required to be considered during the course of the trial and prima-facie there is m ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
