Anticipatory bail in PMLA proceedings may be granted where proceeds of crime are not clearly identifiable and medical infirmity is shown.

Anticipatory bail in a PMLA prosecution was considered on the basis of the investigation material, the admissibility of Section 50 statements, the absence of identifiable proceeds of crime, and the petitioner's medical condition. The Court noted that statements recorded under Section 50 are admissible, though their evidentiary weight remains for trial. On the facts, the alleged forged export documentation and outward remittances did not disclose proceeds of crime in the statutory sense required for PMLA liability. The petitioner's renal ailments and repeated kidney surgeries were also treated as relevant to bail, and anticipatory bail was granted subject to cooperation, passport surrender, periodic appearance, non-interference with witnesses, and disclosure of contact details.

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Issues: Whether anticipatory bail under Section 438 of the Code of Criminal Procedure, 1973 could be granted in a PMLA case in view of the allegations, the material collected during investigation, the requirement of Section 45 of the Prevention of Money Laundering Act, 2002, the absence of identifiable proceeds of crime, and the petitioner's medical condition.

Analysis: The allegations rested largely on statements recorded during investigation and on material showing use of forged documents and outward foreign remittances through shell entities. The Court noted that statements under Section 50 of the Prevention of Money Laundering Act, 2002 are admissible, but their exact evidentiary value is to be tested at trial. The Court further held that, on the facts presented, the unauthorized outward remittance through forged Form 15CB documents did not disclose generation of proceeds of crime from the scheduled offence in the sense required by Section 2(1)(w) of the Prevention of Money Laundering Act, 2002. The Court also took into account the petitioner's medical records showing renal ailments and repeated kidney surgeries, treating him as a sick and infirm person for the purpose of bail consideration.

Conclusion: Anticipatory bail was granted to the petitioner.

Final Conclusion: The petition was allowed, and the petitioner was directed to be released on bail in the event of arrest, subject to conditions including cooperation with investigation, surrender of passport, periodic appearance, non-interference with witnesses, and disclosure of contact details.

Ratio Decidendi: For anticipatory bail in a PMLA matter, the Court may grant relief where the material does not disclose identifiable proceeds of crime and the accused is otherwise entitled to protection on account of factors such as sickness and infirmity, even though statements under Section 50 may remain admissible and their evidentiary worth is left to trial.

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