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IN THE HIGH COURT OF DELHI AT NEW DELHI
RAVINDER DUDEJA
Amit Aggarwal – Appellant
Versus
Directorate of Enforcement – Respondent
JUDGMENT :
RAVINDER DUDEJA, J.
1. This is an application for grant of regular bail filed on behalf of applicant in case FIR No. 45/2022 under Sections 3 and 4 of the Prevention of Money Laundering Act [“PMLA”] registered at Police Station EOW.
Brief Facts of the case:
2. The case arises from FIR No. 45/2022 dated 16.03.2022 registered by the Economic Offences Wing, Delhi, based on a complaint by Chartered Accountant Mr. Vikash Mohpal that forged Form 15CB certificates bearing his credentials were being used to facilitate foreign remittances through banks, mainly ICICI Bank. These certificates were falsely shown as supporting outward remittances for freight, logistics, and import payments. Since the offences under Sections 420 , 467, 468, 471, and 120-B of the Indian Penal Code [“ IPC ”] are scheduled offences under the PMLA, the Directorate of Enforcement [“ED”] registered an ECIR vide ECIR/DLZO-II/24/202 on 28th March, 2022.
3. Investigation by the respondent agency revealed that several Indian entities fraudulently remitted approximately Rs. 696.69 crore to overseas entities in Singapore and Hong Kong. The remittances were based on forged Form 15CB and Form 15CA certificates and we
The court determined that the prosecution must establish a clear link to proceeds of crime to justify denial of bail under PMLA, emphasizing the right to a speedy trial.
Economic offences like money laundering under the PMLA warrant severe scrutiny for bail, emphasizing the right to a speedy trial while recognizing the gravity of the allegations and prolonged detenti....
The right to a speedy trial is fundamental under Article 21, and prolonged incarceration without trial infringes on this right, warranting bail despite serious allegations.
The court emphasized that bail under the PMLA requires satisfaction of twin conditions regarding the accused's guilt and likelihood of committing further offences, which were not met in this case.
Bail – Delay and long detention in custody cannot be a ground for grant of bail in cases of money laundering.
In economic offences, bail is not a right; the burden rests on the applicant to show no risk of interference with justice or likelihood of guilt, reinforced by the position of the accused.
The court emphasized that in economic offences, especially under the PMLA, bail should not be granted unless the accused demonstrates they are not guilty and unlikely to commit further offences.
(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 court underscored that in cases of serious economic offences, the gravity of the allegations and the societal impact outweigh individual rights to bail, especially when considerable evidence indi....
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