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TMI Blog2024 (2) TMI 441X X X X Extracts X X X X X X X X Extracts X X X X ..... ons with Bankey Behari Group of companies as genuine. Further, he had accepted in his statement that he had shown paper purchase and paper sales with Bankey Behari Group of Companies. It is prima facie reflected from the records that the applicant herein, through his entities, had sold goods of about Rs. 314.57 crore and purchased goods of Rs. 200.83 crore, between the period 2013- 14 to 2016-17. However, on account of such false sale and purchase, the applicant had settled these transactions by passing journal voucher entries to the tune of Rs. 201.32 crore between the period 2013-14 to 2016-17, and a sum of Rs. 113.25 crore had been diverted to the bank accounts of the applicant. Though the learned Senior Counsel for the applicant took this Court through the entries and other documents so as to point out as to how the same will not lead to conclusion of money laundering, however, while dealing with the present bail application, this Court is of the opinion that it cannot go through the entire list of entries of accounts for the purpose of appreciating their genuineness or authenticity. The cognizance of prosecution complaint has already been taken by the learned Trial Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsic Audit Reports, the Banks had lodged complaints with CBI, leading to registration of seven FIRs/RCs against seven companies/firms of Bankey Behari Group of Companies. On the strength of seven FIRs/RCs of CBI, seven ECIRs were recorded under PMLA, which are the subject matter of present complaint case. During investigation, from the analysis of relevant documents obtained from the banks, it was revealed that these entities had availed credit facilities to the tune of Rs. 480 crore, and the total amount defrauded was around Rs. 527.32 crore. As per prosecution, this case involves default in payment of Cash Credit Limit availed by Bankey Behari Group of Companies and the CC limit had been extended on hypothecation of inventory, trade receivables (sundry debtors) and other moveable assets. Since large transactions in terms of volume and value had taken place for purchase of goods and sales of manufactured/traded goods, the analysis of the major debtors of Bankey Behari Group of Companies was crucial since the debtors were emanating from fake sales which had taken place under broker codes B00000, B00001, B00003 and B00033. It was discovered during investigation Bankey Behari Group o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al was involved, through his companies, in sales and purchase, when there was no actual movement of goods. 3. In view of these facts, all the seven ECIRs against the Bankey Behari Group of Companies were amalgamated into one complaint, in order to present a holistic view of the criminal conspiracy. The complaint was fled against 44 accused persons. Six accused were arrested in this case including the applicant Dalip Jindal. 4. One more ECIR had also been registered in pursuance to one more FIR registered by CBI against Shree Bankey Bihari Exports Ltd. and others in which the present applicant is also the accused no. 41. In that case, there are allegations of defrauding the banks and causing a wrongful loss to the tune of Rs. 604.81 crore. Separate complaint bearing Complaint No. 25/2022 was filed for that ECIR, and the present applicant was not arrested in that case and the complaint was filed without arrest. The applicant herein was admitted to bail in that case on 17.12.2022 since complaint was filed without arrest. 5. In the present case, the bail application filed by the applicant was dismissed by the learned Trial Court vide order dated 21.04.2023. The relevant portio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise are based on different materials though might be arising out of the same conspiracy. The application seeking release of applicant is not maintainable. 11. Considering this application as one for bail, we have to consider the merits of the application. Coming to the merits, there is material on record to show that the applicant was actively involved in the process of money laundering and did transactions of sale and purchase only on bogus entries from his concerns. His transactions apropos of Shree Banke Behari Food Processors Ltd. and with Deluxe Cold Storage are separate though he used similar accounts for those transactions. As per prosecution complaint, a total loss of Rs. 527.32 Crore was caused to the banks by the process of money laundering and this amount is independent of the other complaint filed against Shree Bankey Bihari group of companies. The twin conditions of Section 45 of the PMLA that there are grounds for believing that he is not guilty of such offence; and that he is not likely to commit any offence while on bail do not exist in this case. The applicant has not been able to show that he is not involved in the offence of money laundering. The applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he had assisted in the process and activity of offence of money laundering but no mens rea can be attributed to the applicant that he had knowledge of any proceeds of crime . It is argued by the learned Senior Counsel that the applicant herein has been in judicial custody since 01.12.2022 and considering the period undergone by him i.e. more than 13 months, the applicant should be enlarged on bail even without considering the merits of the case, and in this regard, reliance is placed on decision of Hon ble Apex Court in case of Benoy Babu v. Directorate of Enforcement SLP (Crl.) No. 11644-11645/2023 . Therefore, it is prayed that present application be allowed. 7. On the other hand, learned Special Counsel for the Directorate of Enforcement argues that the investigation in this case had revealed the role of the present applicant in the commission of offence of money laundering, and based on the evidence and material in possession against the applicant, it can be safely concluded that he is involved in the offence of money laundering. It is contended that at this stage, the material placed on record is sufficient to arrive at a finding that no satisfaction, as required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onable grounds for believing that he is not guilty of such offence and that he is not likely to commit any offence while on bail: Provided that a person, who, is under the age of sixteen years, or is a woman or is sick or infirm, or is accused either on his own or along with other co-accused of money-laundering a sum of less than one crore rupees may be released on bail, if the Special Court so directs: Provided further that the Special Court shall not take cognizance of any offence punishable under section 4 except upon a complaint in writing made by- (i) the Director; or (ii) any officer of the Central Government or a State Government authorised in writing in this behalf by the Central Government by a general or special order made in this behalf by that Government. (1A) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), or any other provision of this Act, no police officer shall investigate into an offence under this Act unless specifically authorised, by the Central Government by a general or special order, and, subject to such conditions as may be prescribed. (2) The limitation on granting of bail specifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the subject of money-laundering activities having transnational impact on the financial systems including sovereignty and integrity of the countries. This is not an ordinary offence. To deal with such serious offence, stringent measures are provided in the 2002 Act for prevention of money-laundering and combating menace of money-laundering, including for attachment and confiscation of proceeds of crime and to prosecute persons involved in the process or activity connected with the proceeds of crime. In view of the gravity of the fallout of money-laundering activities having transnational impact, a special procedural law for prevention and regulation, including to prosecute the person involved, has been enacted, grouping the offenders involved in the process or activity connected with the proceeds of crime as a separate class from ordinary criminals. The offence of money-laundering has been regarded as an aggravated form of crime world over . It is, therefore, a separate class of offence requiring effective and stringent measures to combat the menace of money-laundering. (emphasis supplied) 11. In case of Tarun Kumar v. Enforcement Directorate 2023 SCC OnLine S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... journal voucher entries to the tune of Rs. 201.32 crore between the period 2013-14 to 2016-17, and a sum of Rs. 113.25 crore had been diverted to the bank accounts of the applicant. Therefore, the applicant, through his companies, had carried out a series of sham transactions wherein he had purchased and sold goods with the entities of Bankey Behari Group of Companies and had passed adjustment entries by way of journal vouchers, and about Rs. 111.05 crore were paid to entities controlled by the applicant with intent to conceal and siphon off of money and assets (inventory). 14. Though the learned Senior Counsel for the applicant took this Court through the entries and other documents so as to point out as to how the same will not lead to conclusion of money laundering, however, while dealing with the present bail application, this Court is of the opinion that it cannot go through the entire list of entries of accounts for the purpose of appreciating their genuineness or authenticity. The cognizance of prosecution complaint has already been taken by the learned Trial Court vide order dated 24.02.2023. As far as the reliance on decision in case of Binoy Babu (supra) is concerned, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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