PMLA bail refusal where grave fraud allegations, filed charge sheet, and risk of witness tampering outweighed release.

Bail under the Prevention of Money Laundering Act was declined where the allegations involved large-scale fraudulent foreign exchange remittances, fabrication of documents and incriminating material, and the accused had already given a statement under Section 50(3). The charge sheet had been filed, the matter was pending before the trial court, and no material change in circumstances was shown after two earlier bail rejections. The Court treated the gravity of the offence and the risk of tampering with evidence or influencing witnesses as decisive against release, and dismissed the petition.

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Issues: Whether the petitioner was entitled to bail in a prosecution under the Prevention of Money Laundering Act, 2002 after filing of the charge sheet and earlier rejection of bail on two occasions.

Analysis: The petition was considered in the context of allegations of large-scale fraudulent foreign exchange remittances, fabrication of documents, recovery of incriminating material, and the petitioner's statement under Section 50(3) of the Prevention of Money Laundering Act, 2002. The Court noted that the charge sheet had already been filed, the case was pending on the trial court's file, and no change of circumstances was shown from the earlier bail rejections. The gravity of the allegations, the nature of the transaction, and the risk of tampering with evidence or influencing witnesses weighed against grant of bail.

Conclusion: Bail was declined and the petition was dismissed.

Ratio Decidendi: In a serious economic offence under the Prevention of Money Laundering Act, 2002, bail may be refused where the accusations are grave, incriminating material is available, the charge sheet has been filed without any material change in circumstances, and there remains a risk of tampering with evidence or influencing witnesses.

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