Bail granted where intent to defraud remains unproven, emphasizing right to liberty against prolonged detention without a speedy trial.

ORDER :

1. Petitioners have filed these applications seeking regular bail under section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023.

2. Petitioner in B.A. No. 6063 of 2025 is the fifth accused while petitioner in BA No. 6634 of 2025 is the sixth accused in a complaint filed by the Enforcement Directorate before the Special Court constituted under section 43(1) of the Prevention of Money Laundering Act, 2002 (for short 'PMLA') as ECIR No.KZSZO/06/2020. The complaint has been registered alleging offences punishable under section 3 and 4 of the PMLA. Petitioners were arrested on 07.04.2025 and they were remanded on the next day and have been in custody since then.

3. The complaint was filed at the behest of the Enforcement Directorate alleging that the petitioner in B.A No. 6634 of 2025 was the Chairman of a Company by name M/s. Fashion Gold International Private Ltd., which was incorporated in the year 2006. Petitioner in B.A No. 6063 of 2025 was also instrumental in the incorporation of the said company. Subsequently, three other sister companies were formed, all with the objective of carrying on a jewellery business. The petitioner in B.A No. 6063 of 2025 is the Managing Director of those companies. It is alleged by the prosecution that the accused had collected large amounts of money and gold from various persons in the form of deposits under various schemes and established branches at various places and conducted jewellery business. The deposits were collected by the petitioners who were active politicians and social workers, promising huge amounts as dividends or profits and they failed to adhere to the promises. Pursuant to complaints from various depositors, several crimes were registered. Investigation into those crimes revealed that the accused had collected deposits from the public without any authority and they utilised the funds collected for acquiring immovable properties in their personal names and thereby indulged in money laundering. On the basis of the aforesaid allegations, the accused were alleged to have commuted the offence under section 4 of the PMLA.

4. Sri. Anoop V. Nair, and Sri. Rahul Sasi the learned counsel for the respective petitioners contended that the prosecution allegations are totally false and that the petitioners are respectable persons who have been in custody for the last more than 155 days as they were arrested on 07.04.2025. The learned counsel further pointed out that, 265 crimes have already been registered against the petitioners, which are being investigated by the Crime Branch and the petitioners have undergone custody for 110 days in those crimes while the present custody from 07-04-2025 is over and apart from the said earlier custody. Thus, according to the learned counsel, petitioners have been in custody for more than 265 days.

5. The learned counsel also submitted that the petitioner in B.A No. 6063 of 2025 is a former Member of Legislative Assembly of Kerala and that there can be no flight risk and considering their old age and the period of custody already undergone by them, they ought to be released on bail. The learned counsel further submitted that the failure to return the amounts collected were not intentional but due to Covid-19 pandemic, when several financial establishments went into difficulty as a result of the lock down, the companies under the management of the petitioners also faced difficulties and that there is nothing to indicate that any offence as alleged was committed by