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Issues: Whether the applicants were entitled to anticipatory bail in a prosecution under the Prevention of Money Laundering Act, 2002, in view of the allegations, the statutory conditions under Section 45, and the materials collected during investigation.
Analysis: The application arose from allegations that tainted money was routed through benami bank accounts and shell companies and was ultimately invested in the company of which the applicants were Directors. The material placed before the Court, including the statement recorded under Section 50 of the Prevention of Money Laundering Act, 2002, indicated prima facie involvement of the applicants in an organized economic offence. The Court held that the amended Section 45 of the Prevention of Money Laundering Act, 2002 continued to operate with its twin conditions, and the applicants did not fall within the proviso. The Court also found that the amount involved was not merely the alleged commission figure but the larger investment of more than Rs. 39 crores.
Conclusion: Anticipatory bail was not warranted and the prayer was rejected.
Ratio Decidendi: In a prosecution under the Prevention of Money Laundering Act, 2002, anticipatory bail cannot be granted where the statutory twin conditions remain applicable and the record discloses prima facie involvement in a serious money-laundering offence involving substantial proceeds of crime.
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