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VIKAS MAHAJAN
Sanjay Jain – Appellant
Versus
Enforcement Directorate – Respondent
JUDGMENT
Vikas Mahajan, J.—The present petition has been filed under Section 45 of the Prevention of Money Laundering Act, 2002 read with Section 439 of the Code of Criminal Procedure, 1973 seeking regular bail in connection with ECIR No. DLZO-I/43/2021 dated 20.05.2021 registered by the respondent/ED.
Facts
2. The Enforcement Case Information Report (hereinafter referred to as ‘ECIR’) was registered against the petitioner and others on the basis of FIR No. RC221/2021/E0009 dated 17.05.2021 registered by the CBI under Sections 120B read with 420 IPC and Sections 13(2) read with 13(1)(d) of the PC Act, 1988.
3. The summary of the allegations contained in the FIR registered by the CBI are as follows:—
(a) Two complaints were forwarded to the CBI against the MD, Indian Farmers Fertilizer Cooperative Limited (hereinafter referred to as ‘IFFCO’) relating to subsidy fraud in IFFCO by opening Kisan International Trading, exchange of illegal commissions in import of raw materials and fertilizers, manipulation of sales data of fertilizers for claiming higher subsidy etc.
(b) During scrutiny and verification of the complaints by the CBI, specific inputs were received from reliable sources
(1) Offence of money laundering – Non-arrest of co-accused is a relevant factor which can be taken into account in addition to other surrounding factors to grant concession of bail to petitioner.(2) ....
Point of Law : Economic offences - Grant of Bail - On medical ground - When there is no bar of twin conditions contained in original S. 45(1)(ii) of PMLA Act - On merits as well as on medical grounds....
The judgment emphasizes the need for substantial probable causes to believe the accused is not guilty, the requirement to prove allegations beyond reasonable doubt, and the presumption of innocence u....
The court held that there were reasonable grounds for believing that the petitioner was guilty of the offence under Section 3 of the PMLA. The court also held that the twin conditions under Section 4....
The court emphasized the importance of cooperation in the investigation and the lack of evidence of tampering or threatening, considering the nature of the alleged offence.
(1) Economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting economy of country as a whole and ....
The issuance of Look Out Circular must align with established legal standards, ensuring no violation of rights for cooperating individuals pending investigation.
The court considered the satisfaction of the twin conditions under Section 45 of PMLA and the triple test under Section 439 of Cr.PC, as well as the larger interest of the public and the State, and t....
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