* IN THE HIGH COURT OF DELHI AT NEW DELHI

% Reserved on: 18^th December, 2025

Pronounced on: 24th December, 2025

+ BAIL APPLN. 3054/2025 & CRL.M.A. 23642/2025

HARSATINDER PAL SINGH HAYER

.....Petitioner

Through: Mr. Dayan Krishnan, Sr. Advocate

with Mr. Arshdeep Singh Khurana, Mr. Sulakshan VS, Mr. Sreedhar Kale, Ms. Simran Khurana, Ms. Ridhi Kapoor, Mr. Abhishek Budhiraja, Mr. Ayush Gaur and Mr. Varun

Parashar, Advocates.

versus

DIRECTORATE OF ENFORCEMENT

.....Respondent

Through: Mr. Zoheb Hossain, Spl Counsel with

Mr. Vivek Gurnani, Panel Counsel, Mr. Kartik Sabharwal, Mr. Pranjal Tripathi and Mr. Kanishk Maurya,

Advocates. CORAM:

HON'BLE MS. JUSTICE NEENA BANSAL KRISHNA

J U D G M E N T

NEENA BANSAL KRISHNA, J.

1. A Bail Application under Section 483 of the Bharatiya Nagarik Suraksha Sanhita, 2023 read with Section 45 of the Prevention of Money Laundering Act, 2002 (hereinafter referred to as “PMLA”) has been filed on behalf of the Applicant, Harsatinder Pal Singh Hayer, seeking

Regular Bail in ECIR/03/DLZO/2016 dated 26.07.2016.

2. The Applicant claims that he is a law abiding citizen who has been unlawfully arrested in this case on 21.03.2025 in the aforesaid ECIR and has been incarcerated in jail since then.

3. The brief facts of the case as narrated in the Application, are that pursuant to the order of the Apex Court in Civil Appeal No.6572/2004 in the matter of M/s PGF Limited vs. Union of India & Others, CBI, BSFC registered an FIR bearing No. RCBIDI/2014/E/0004 dated 19.02.2014 under Section 120B read with 420 of the Indian Penal Code, 1860 (hereinafter referred to as “IPC”) against M/s PGF Limited, Shri Nirmal Singh Bhangoo, Shri Harchand Singh, Shri Chandar Bhushan Dhillon, Shri Prem Seth, all Directors of M/s PGF Limited; M/s PACL India Limited, Shri Sukhev Singh, Shri Gurmeet Singh, Shri Subrata Bhatthacharya, Shri Gurjant Singh Gill, all Directors of M/s PACL and unknown others, on the allegation that the promoters/Directors of M/s PGF Limited and M/s PACL Limited in pursuance of the criminal conspiracy among themselves, operated various investment schemes to induce the investors to part with their funds with an intention to cheat them.

4. It is the case of the CBI that M/s Pearls Golden Forest Limited and M/s PACL Limited through its illegal and fraudulent activities has collected thousands of crores of rupees through collective investment schemes in the grab of sale and development of agriculture land from investors all over India. It was further alleged that M/s PACL Limited has acquired huge tracts of land from the money collected from the public and started allotting the plots situated in other States, far off the place of residence of the customers, so that they would be constraints not to take the possession of the allotment and thereby forced to take back the money with interest (nominal rate) and also, by such activities, M/s Pearls Golden Forest Limited, M/s PACL, through its Directors in collusion with others, cheated the gullible investors for more than INR 48,000 crores.

5. On 07.04.2016 the CBI had filed a Chargesheet in respect of the scheduled FIR, wherein the Applicant was not arrayed as an Accused. The Supplementary Chargesheet was filed by the CBI on 31.12.2021 in the scheduled offence, wherein the Applicant was arrayed as Accused No.17.

6. The Applicant was granted Bail on 27.05.2023 by the learned Special Judge in the predicate FIR subject to certain conditions which had been diligently obeyed by the Applicant.

7. Pursuant to the scheduled FIR and PMLA case, ECIR/03/DLZO/2016 dated 26.07.2016 under Section 120B read with 420 IPC, was registered. The Respondent filed the Complaint under Section 44 read with 45 PMLA in this ECIR in the Court. The Applicant was not arrayed as an Accused in the ECIR or in the Complaint. In the year 2018, the Applicant travelled to Australia from 28.11.2018 to 17.12.2018 with the prior permission of the learned Special Judge. He returned to India in time and did not violate any condition