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 def