ORDER

This is an application for regular bail.

2. The petitioner is the 2nd accused in O.R.No.41 of 2021 registered by the Directorate of Revenue Intelligence, Cochin. The allegation against the petitioner is that the petitioner was found in possession of 1493.30 grams of gold in lumps having a market value of Rs.72.64 lakhs and also in possession of Indian currency notes, having a total value of about Rs.61.53 lakhs.

3. The learned counsel for the petitioner submits that in respect of an offence under Section 135 of Customs Act, unless the quantity of contraband exceeds the value of Rs.1 crore, the offence is bailable and refers in this regard to the provisions of Section 104(6)(c) of the Customs Act. It is submitted that even if the entire allegations are accepted to be true, the total value of contraband gold seized from the petitioner is only Rs.72.64 lakhs. Lastly, it is pointed out that the petitioner has been in custody from 04.12.2021 and his continued detention is not necessary for the purpose of any investigation.

4. The learned counsel appearing for the Directorate of Revenue Intelligence would submit that the contention of the petitioner is that he is accused only of a bai