Bail Plea of Applicant for Money Laundering Rejected as Trial Progresses Quickly
- Blog|News|FEMA & Banking|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 17 April, 2023
Latest from Taxmann
Case Details: Abdul Razak Peediyakkal v. Union of India - [2023] 149 taxmann.com 57 (HC-Allahabad)
Judiciary and Counsel Details
- Rajesh Singh Chauhan, J.
- Pranav Agarwal for the Applicant.
- Kuldeep Srivastava & Shiv P. Shukla for the Respondent.
Facts of the Case
In the instant case, during the investigation under the Prevention of Money Laundering Act, 20002 (PMLA), the Investigating Agency discovered that foreign funds had been illegally remitted to India through hawala/underground channels and remitted to accounts of members/activists/office bearers of Popular Front of India (PFI) and other related organizations.
Pursuant to the investigation, the role of the applicant, who was a PFI member had emerged for doing aforesaid illegal activities. Subsequently, the applicant was issued summons to cooperate in the investigations.
As the applicant was based in Abu Dhabi it was observed that he had not properly cooperated in the investigation and was taken into judicial custody. The applicant then filed a bail application.
It was noted that the bail application of the applicant did not qualify for twin conditions of section 45. At the current stage, it could not be observed that the applicant had not committed an offence for which a complaint had been filed against him.
Sec 45 of the PMLA, 2002 lays down two conditions that must be met for a person accused of an offence under the Act to be released on bail or on their own bond. The conditions are as follows:
(a) The Public Prosecutor must be given an opportunity to oppose the application for such release; and
(b) Where the Public Prosecutor opposes the application, the court must be satisfied that there are reasonable grounds for believing that the accused is not guilty of the offence and that he is not likely to commit any offence while on bail.
High Court Held
The High Court held that the trial in the instant case was progressing at a good pace and the same was likely to be concluded very soon. Further, the proceeds of the crime were also in crores. Therefore, the applicant’s bail application was to be rejected.
List of Cases Referred to
- Vijay Madanlal Choudhary v. Union of India [2022] 140 taxmann.com 610 (SC)/2022 SCC Online SC 929 (para 6)
- Babulal Verma v. Enforcement Directorate 2021 SCC Online Bom 392 (para 20).
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
