Bail Granted: Appellant Released After Nearly 2 Years Without Trial in Money Laundering Case Involving Rs. 8 Crores.

The SC granted bail to the appellant, who was implicated under the Prevention of Money Laundering Act, 2002, for allegedly assisting the main accused in laundering Rs.8 crores through a bank. Despite not being charged in the predicate offence, the appellant had been incarcerated for 1 year and 9 months without trial. The Court ordered the appellant's release on bail, subject to appropriate terms and conditions, and allowed the respondent an opportunity to be heard before finalizing these conditions. The decision was influenced by the absence of charges against the appellant in the predicate offence and the lack of immediate trial prospects.

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Issues involved: Bail application in a case under the Prevention of Money Laundering Act, 2002 where the appellant is not shown as an accused in the predicate offence, but is alleged to have assisted the main accused in investing proceeds of the crime in a bank.

The appellant was arrested in connection with an offence under the Prevention of Money Laundering Act, 2002, and 57 witnesses have been cited by the prosecution. However, the charge has not been framed yet. The appellant, who was the Vice Chairman of a bank, is accused of knowingly assisting the main accused in infusing Rs.8 crores in the form of share capital in the bank without proper formalities. It is alleged that the main accused was allowed to take over the bank, and ineligible persons were shown as members/shareholders.

The Supreme Court considered the peculiar facts of the case before granting bail to the appellant. Notably, the appellant is not shown as an accused in the predicate offence, and the only allegation against him is related to allowing the main accused to invest the crime proceeds in the bank where he was Vice Chairman. The prosecution did not claim that the shareholders were fictitious, and the appellant has already spent 1 year and 9 months in incarceration with no immediate trial prospects. The Court directed the appellant to be produced before the competent Court within a week for bail on appropriate terms and conditions, with a provision for the respondent to be heard before finalizing the conditions.

Separate Judgment: No separate judgment delivered by the judges mentioned in the case.

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