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YOGESH KHANNA
Chandra Prakash Khandelwal – Appellant
Versus
Directorate of Enforcement – Respondent
JUDGMENT
Yogesh Khanna, J.
1. This petition is filed for grant of bail to the applicant herein who is in judicial custody for the last eight months.
2. The respondent herein is investigating mainly (a) funds from one Prateek Kumar, his group companies and Mr.Shankarrao Borkar, his family members and his group companies to DDPL and Unicorn and other transactions connected with PACL (b) investments by M/s.Systematix Ventures Capital Trust (SVCT) in two companies namely M/s.DDPL Global Infrastructure Private Limited (DDPL) and M/s.Unicorn Infra Projects and Estates Private Limited (Unicorn); (c) certain transactions in relation to the sale of shares between SVCT and one Trinity Investments Private Limited (Trinity).
3. It is the submission of the learned SPP for the respondent the facts would disclose the petitioner was involved in dealing with the proceeds of crime and in transferring of funds of M/s.PACL through various companies and making transactions of purchasing of properties etc. in the manner stated herein below.
4. It is stated M/s.PACL has transferred Rs.101 crores to Borker Rao's company; Rs.2285 crores to Prateek Group of Companies and Rs.110 crores to 25 companies wh
The main legal point established in the judgment is the application of bail provisions under PMLA and the conditions for granting bail in money laundering cases.
Order granting bail must demonstrate application of mind as to why applicant has been granted or denied privilege of bail.
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....
(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 main legal point established in the judgment is that the twin conditions under Section 45 of PMLA must be satisfied before granting bail in a money laundering case, and the accused's involvement ....
Anticipatory bail under the Prevention of Money Laundering Act requires demonstration of reasonable innocence and lack of likelihood to reoffend; both criteria unmet, justifying denial of bail.
Bail should not be denied as a form of punishment; however, in cases of money laundering, serious allegations and potential interference with investigations warrant careful consideration against bail....
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