The investigation under PMLA is independent of the ultimate result of the Predicate/Scheduled Offence and continues independently.

JUDGMENT

A S Gadkari, J. - By the present Application No.201 of 2021, under Section 482 read with Section 483 of the Code of Criminal Procedure, 1973 (for short, "the Cr.P.C."), the Applicants have impugned Order dated 15th February, 2021 passed below Exhs-7 and 8 in PMLA RA No.117 of 2021 and Order dated 28th January, 2021 passed in Remand Application No.117 of 2021 by learned Special Judge, Mumbai and for direction to release the Applicants from confinement from Jail in ECIR No.ECIR/MBZO-III/20/2020.

Application No.974 of 2021 is for seeking bail by Applicants.

2. By the impugned Order dated 15th February, 2021, learned Special Judge has allowed the Application of Respondent No.1 filed below Exh-7 for extension of judicial custody of the Applicants and has rejected Application preferred by the Applicants below Exh-8 for grant of bail on any type of bond.

3. Heard Mr. Aggarwal learned counsel for the Applicants in APL No.201 of 2021 and BA No.974 of 2021, Mr. Anil Singh, learned Additional Solicitor General for the Respondent No.1-ED and Mr. Palkar, learned APP for the Respondent No.2-State.

4. The facts giving rise for filing the present Applications, can be briefly stated as under:-

(i) Mr. Mahendra S. Surana, lodged a Crime bearing No.109 of 2020 on 7th March, 2020 with City Chowk Police Station, Aurangabad under Sections 406, 420 read with Section 34 of the Indian Penal Code (for short, "the IPC") against the Applicants and other accused persons. It is stated therein that, the informant is one of the Directors of M/s. Aurangabad Gymkhana Club Private Limited, (for short, "Aurangabad Gymkhana"). It is alleged therein that, all the accused persons in the said crime jointly connived with each other and committed the act of criminal breach of trust and cheated the Aurangabad Gymkhana and it's Directors for an amount of Rs.12,17,84,451/-by issuing cheques from blocked/ freezed account. The detailed narration of facts mentioned in the said FIR are not necessary for decision of the present Applications and therefore, its reproduction is hereby avoided.

(ii) On 10th July, 2020, the Respondent No.1 (for short "ED") received a Complaint from Aurangabad Gymkhana against M/s. Omkar Realtors and Developers Private Limited (for short, "Omkar Realtors") and its promoters/Directors. The said Complaint referred to FIR No.109 of 2020 filed at City Chowk Police Station, Aurangabad. After perusing the said Complaint, it appeared to the Respondent No.1-ED that, a Scheduled Offence as mentioned in Paragraph No.1 of the Schedule of the Prevention of Money-Laundering Act, 2002 (for short, "PMLA") has taken place. It was also revealed to the Respondent No.1 that, Omkar Realtors has more than Rs.2000 Crores of loan of Yes Bank as outstanding. That, the loan was not used for intended purposes and diverted for other purposes. On the basis of the said information, it appeared to the ED that, the proceeds of crime generated out of criminal activities related to the Scheduled Offences appeared to be routed, utilized and parked by the accused and has projected it as, untainted.

(iii) An ECIR bearing No.ECIR/MBZO-II/20/2020 dated 16th December, 2020 has been accordingly recorded and taken up for investigation under the provisions of PMLA and the Rules framed thereunder.

(iv) During the course of investigation of the present crime, it was further revealed to the Respondent No.1 that, rehab buildings of Anand Nagar SRA CHS, have not been constructed, however, the FSI which would have been available after construction of rehab buildings, was mortgaged with Yes Bank and loan of Rs.410 Crores was taken. This kind of notional FSI was used for availing credit facility from banks. It was also revealed that, Rs.410 Crores of loan was given for the purpose of construction of SRA/Rehab Buildings and part of sale buildings, however, the said loan was diverted towards construction of sale buildings and no rehab buildings were constructed.

(v) During the course of investigati