IMPORTANT POINT
The conditions for granting bail under Section 45 of the Prevention of Money Laundering Act, 2002, are mandatory, requiring the court to be satisfied that the accused is not guilty and is not likely to commit further offences while on bail.

JUDGMENT :

HON’BLE MR. JUSTICE SUJIT NARAYAN PRASAD

1. The instant application has been filed under Section 439 and 440 of the Code of Criminal Procedure, 1973 praying for grant of bail in ECIR Case No.01 of 2023 [arising out of ECIR/RNZO/18/2022 dated 21.10.2022 arising out of Bariatu P.S. Case No.141 of 2022] for offences punishable under Section 3 read with Section 70 and punishable under Section 4 of the Prevention of Money Laundering Act, 2002, hereinafter referred to as the Act, 2002.

2. The prosecution story in brief as per the allegation made in the instant ECIR/complaint reads as under:

An ECIR bearing No. 18/2022 was recorded on the basis of the FIR bearing No. 141 of 2022 dated 04.06.2022, lodged at Bariatu police station, Ranchi Jharkhand under section 420, 467 and 471 of IPC, 1860, against Pradeep Bagchi on the basis of complaint of one Sri Dilip Sharma, Tax Collector, Ranchi Municipal Corporation for submission of forged papers i.e. Aadhar Card, Electricity Bill and Possession letter for obtaining holding number 0210004194000A1 and 0210004031000A5. Investigation revealed that by submitting the forged documents, a holding number was obtained in name of Pradeep Bagchi for property at Morabadi Mouza, Ward No. 21/19, Ranchi having an area of the plot measuring 455.00 decimals approx. at Ranchi.

Investigation further revealed that the above property belonged to Late B.M. Laxman Rao which was given to the Army and had been in the possession of the Defence, in occupation of the Army since independence. Investigation reveals that by way of creating a fake owner (Pradeep Bagchi) of the above said property, it was sold to one company M/s Jagatbandhu Tea Estate Pvt. Ltd for which the consideration amount was shown Rs. 7 crores which was highly under value and out of this amount Rs. 7 crores payment amounting to Rs. 25 lakhs only were made into the account of said Pradeep Bagchi and rest of the money was falsely shown to be paid through cheques in the deed no.- 6888 of 2021.

It has come during investigation that records available at the C.O. Bargain, Ranchi along with the office of Registrar of Assurances, Kolkata have been altered and records have been modified. The survey of Circle Office Bargain as well as Registrar of Assurances, Kolkata transpires that documents have been tempered to create fictitious onus of the above properties.

The Enforcement Directorate upon completion of investigation filed the prosecution complaint under section 45 read with 44 of PML Act being ECIR Case no. 01/2023 against the present petitioner and consequently. the trial court vide order dated 19.06.2023 has taken the cognizance of the aforesaid offence.

The present petitioner has been arrested on 07.06.2023 under section 19 of PML, Act 2002 accordingly the petitioner had preferred the Misc. Cri. Application No. 1915 of 2023 for grant of his bail but the same was dismissed vide order dated 07.07.2023 by the AJC-I-Cum Special Judge, CBI-Cum- Special Judge under PMLA at Ranchi.

Hence the present petition has been preferred for the grant of bail.

Argument on behalf of the learned counsel for the petitioner:

3. Mr. S. Nagamuthu, learned senior counsel for the petitioner has argued inter alia on the following grounds:

i. The condition as stipulated under Section 19(1) of the Act, 2002 has not been complied with.

ii. If the entire ECIR will be taken into consideration, there is no reason to believe which is the primary requirement for making arrest of a person said to be involved in commission of offence under the Act, 2002 as per the provision of Section 19(1) of the Act, 2002.

iii. The condition as stipulated under Section 45 of the Act, 2002 is also not available.

iv. The ground of parity has also been taken since one of the co-accused namely, Dilip Kumar Ghosh has been granted bail by the co-ordinate Bench of this Court vide order dated 28.11.2023 passed in B.A. No. 7233 of 2023 and the petitioner is in custody since 07.06.2023.

4. Learned counsel for the peti