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P. V. KUNHIKRISHNAN
Antony Sunny S/o Sunny V. A. – Appellant
Versus
Enforcement Directorate Rep. By Asst. Director – Respondent
ORDER :
These Bail applications filed under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 are connected and therefore, I am disposing of these cases by a common order.
2. Petitioners are accused Nos. 1 and 3 in Crime No.ECIR/KZSZO/01/2023 of Enforcement Directorate, Kozhikode. The above case is registered alleging commission of offence of Money Laundering as defined under Section 3 of the Prevention of Money Laundering Act, 2002 (for short 'Act 2002'), which is punishable under Section 4 of Act 2002.
3. The prosecution case in brief is like this:
The accused in the above crime were the promoters of a company by name, 'Kannur Urban Nidhi Limited' (KUNL), which is offering 12 to 12.5% interest on fixed deposits. The company had accepted fixed deposits from several investors. According to the prosecution, the accused diverted those funds for the establishment and running of another company by name, 'Anytime Money Pvt. Ltd.' (ATM) and to the personal accounts of the petitioners and other accused. According to the prosecution, the accused embezzled around Rs.40 Crores by cheating the investors. So many cases are
The court ruled that minor defects in a complaint do not entitle accused to statutory bail if the investigation is complete and there is sufficient evidence against them.
The court emphasized the necessity of written reasons for arrest under the Prevention of Money Laundering Act, while also affirming the sufficiency of evidence against the accused-petitioner for bail....
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....
The court emphasized that under the Prevention of Money Laundering Act, bail can only be granted if there are reasonable grounds to believe the accused is not guilty, which was not established in thi....
(1) Offence of money laundering is an independent offence regarding process or activity connected with proceeds of crime which had been derived or obtained as a result of criminal activity relating t....
The court ruled that in economic offenses, particularly money laundering, anticipatory bail is rarely granted due to the grave nature of allegations and potential interference with investigations.
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....
It is well settled that gravity alone cannot be a decisive ground to deny bail, rather competing factors are required to be balanced by court while exercising its discretion.
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