1. By way of the present bail applications, petitioners Rohit Tandon and Raj Kumar Goel, seek regular bail in ECIR No.18/DLZO-II/2016 dated 26th December, 2016 recorded by Enforcement Directorate, Delhi Zone under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 (in short 'PMLA').

2. The above-noted ECIR No.18/DLZO-II/2016 was recorded on 26th December, 2016 pursuant to FIR No. 205/2016 registered for the offences punishable under Sections 406/409/420/468/471/188/120B IPC at PS Crime Branch on 25th December, 2016.

3. Brief conspectus of facts as recorded in the ECIR against Ashish Kumar, Manager, Kotak Mahindra Bank, Raj Kumar Goel and certain other unknown persons are that during the course of investigation in FIR No.242/2016 under Sections 420/467/468/471/120B IPC registered at PS CR Park, it was revealed that Raj Kumar Goel along with his associates was engaged in earning profits by routing money into various accounts by using forged documents and thereby receiving commission from the prospective clients. Raj Kumar Goel and few of his associates had opened multiple accounts in Kotak Mahindra Bank and ICICI Bank at Naya Bazar, Chandni Chowk, Delhi. On 8th November, 2016, when Government of India announced demonetization of one thousand and five hundred rupee currency notes, Raj Kumar Goel conspired with Ashish Kumar and one Chartered Accountant, whose name was not known at the time of recording of ECIR, to convert black money in the form of old currency notes into new currency notes and earn huge profits. Aforesaid chartered accountant arranged for prospective clients and offered 2% commission to other accused persons for such transactions. After opening many accounts on the basis of forged and fabricated documents, approximately Rs.25 crores was deposited after demonetization. Thus, it was alleged that Ashish Kumar, Raj Kumar Goel and certain other unknown persons had illegal earnings arising out of the said criminal conspiracy.

4. Rohit Tandon was arrested on 28th December, 2016 and Raj Kumar Goel on 9th January, 2017 in connection with the aforesaid ECIR.

5. On 23rd February, 2017, Directorate of Enforcement filed a complaint being Complaint Case No.400/2017 against Rohit Tandon, Ashish Kumar, Raj Kumar Goel, Dinesh Bhola and Kamal Jain. It was alleged that from 15th November, 2016 to 19th November, 2016, there were huge cash deposits to the tune of Rs.31.75 crores by Raj Kumar Goel and his associated and there was incoming RTGS to the tune of Rs.6.86 crores. Further, demand drafts amounting to Rs.38 crores were issued in fictitious names. Qua Rohit Tandon it was alleged that he in conspiracy with the co-accused persons devised a plan for conversion of demonetized currency into monetized currency by depositing cash into the accounts of various companies in Kotak Mahindra Bank where cash in hand was available in the books of accounts and in furtherance of the conspiracy, demand drafts were issued in the names of fictitious persons from the said accounts. Those demand drafts were to be credited back into the accounts and the same would have been withdrawn/transferred in the form of monetized currency. It was also alleged that the funds actually pertaining to Rohit Tandon were carefully distanced away from him through calibrated planning and were deposited not into his own or his firms' accounts but in the bank accounts that were not at all related to him against payments of commission.

6. Qua Raj Kumar Goel it was alleged that Ashish Kumar, the Bank Manager got in touch with Raj Kumar Goel who had different accounts in his firms' names. Raj Kumar Goel agreed to the proposal of Ashish Kumar for getting the demonetized currency converted into monetized currency at a commission fixed @35% of net converted amount. Cash deposits were facilitated by Ashish Kumar in connivance with Raj Kumar Goel and accused persons.

7. On 23rd February, 2017 the first supplementary complaint was filed implicating Yogesh Mittal