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A. D. JAGADISH CHANDIRA
Narendra Kumar Gupta – Appellant
Versus
State Rep. by Assistant Director, Directorate of Enforcement, Government of India, Ministry of Finance, Department of Revenue – Respondent
ORDER
The petitioner, who was arrested by the respondent on 8.7.2022 and remanded to judicial custody for the offence punishable under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 in Enforcement Case Information Report ECIR No.CEZO-1/14/2017 on the file of the respondent police, seeks bail.
2. The case of the prosecution is as under:—
(i) On scrutiny and advice of the Concurrent Auditors, the Punjab National Bank, Mint Street, Chennai had some verification with regard to the genuineness of the account holders and thereupon, a scam has come to light.
(ii) It was found out that some account holders had fraudulently opened Current Accounts during the year 2015 and on entering into a criminal conspiracy with some unknown public servants of the bank, sent some tainted money to Hong Kong without any genuine transactions under the guise of remitting 100% advance for import of goods.
(iii) On verification, it was found out that 19 account holders had received remittances from various bank accounts to their accounts by way of RTGS and in turn, they made nearly 772 remittances of 100% import advance based on some quotations, during the period from January 2015 to Jun
Bail – Right of personal liberty and individual freedom which is probably the most cherished, is not in any manner, arbitrarily to be taken away from anybody even temporarily without following proced....
The central legal point established in the judgment is the necessity of the existence of proceeds of crime for the commission of an offence of money laundering under the Prevention of Money Launderin....
Anticipatory bail may be granted under PMLA, considering the health challenges of the accused and lack of direct proceeds of crime linked to them.
The court established that under the PMLA, an accused can be convicted for money laundering even if not formally accused in the predicate offense, emphasizing the independent and serious nature of ec....
The court granted bail under the PMLA, emphasizing the lack of sufficient evidence linking the applicant to money laundering, and highlighting the necessity for a predicate offence to substantiate ch....
The conditions for granting bail under the Prevention of Money Laundering Act are mandatory, requiring the court to be satisfied of the accused's non-guilt and lack of likelihood to commit further of....
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