PMLA bail granted on weak prima facie material, prolonged custody, completed investigation and parity with a co-accused.

In a PMLA prosecution, bail was granted because the material did not prima facie establish that the applicant had planned the alleged laundering activity or that the disputed funds were clearly proceeds of crime. The Court treated the share-allotment and property-transaction allegations as matters that, by themselves, did not necessarily amount to an offence under the scheduled law so as to attract the money-laundering charge. It also relied on the applicant's substantial custody, completion of investigation, the likelihood of a prolonged trial, absence of concrete material showing a real risk of reoffending, and parity with a co-accused already on bail, and held that release was justified.

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Issues: Whether the applicant was entitled to bail in a prosecution under the Prevention of Money Laundering Act, 2002 on a prima facie assessment of the material, the nature of the alleged proceeds of crime, the stage of investigation and trial, and parity with co-accused.

Analysis: The allegations connected the applicant mainly with property transactions, share allotment arrangements and decision-making around certain companies, while the material did not prima facie establish that he had planned the underlying money-laundering activity or that the funds in question were clearly proceeds of crime within the meaning of the Act. The alleged irregularities in share allotment were treated as matters that, by themselves, would not necessarily constitute an offence under the scheduled law so as to attract the money-laundering offence. The Court also noted that the applicant had already spent substantial time in custody, the investigation had long been completed, the trial was likely to take considerable time, and no concrete material was shown to support a real apprehension of reoffending. Parity with a co-accused who had been granted bail was also considered relevant.

Conclusion: The applicant made out a case for bail and was entitled to release.

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