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IN THE HIGH COURT OF KERALA AT ERNAKULAM
DR. JUSTICE KAUSER EDAPPAGATH, J
Ismail Chakkarath, S/o. Packran Haji – Appellant
Versus
Union of India, Rep. by the Special Public Prosecutor, High Court of Kerala, Ernakulam – Respondent
ORDER :
This is an application for regular bail filed by the petitioner/accused No.1 in ECIR No.KZSZO/02/2023 registered by the Enforcement Directorate, Kozhikode Sub Zone.
2. The petitioner is alleged to have committed the offences punishable under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 (for short, 'PMLA').
3. The petitioner is an NRI conducting business in Qatar in the name and style of M/s Grand Mart Trading. The Kulavallur Police registered a crime against the petitioner on 12/1/2023 as Crime No.25/2023 under Sections 406 and 420 of the Indian Penal Code (for short, IPC). It was registered pursuant to a complaint filed by M/s United Bank Ltd., Qatar, through its power of attorney holder, Mr. Jolly Malayil, CEO of M/s Neil Debt Collections. The Crime was subsequently transferred to the Crime Branch, Economic Offences Wing (EOW), Kannur and Kasaragod Units, Kerala, which re-registered it as Crime No.976/2023 on 11/4/2023. The allegation in the FIR is that the petitioner obtained a loan from United Bank Ltd., Qatar of QAR 30,643,204 (equivalent to INR 61,28,64,080/-) on 14/3/2017 ostensibly for the expansion of his business operation in Qatar, wilfully defau
The court held that the majority of funds alleged as proceeds of crime were received before the predicate offence, thus the conditions for bail under Section 45 of the PMLA were not met, allowing bai....
(1) Grant of bail – Consideration of two conditions mentioned in Section 45 is mandatory and while considering bail application, rigours of Section 45 have to be reckoned by court to uphold objective....
Accused in money laundering must meet stringent bail conditions under Section 45 of the PMLA, reflecting the severity of the offense and impact on ongoing investigations.
The court held that the seriousness of economic offences under the PMLA necessitates stringent bail conditions, emphasizing that prolonged incarceration does not automatically warrant bail if substan....
The continued relevance of the twin conditions under Section 45(1) of the PML Act despite the amendment and the direction to proceed with the trial without application of the twin conditions as decla....
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