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Issues: Whether the petitioner was entitled to bail in a prosecution under the Prevention of Money Laundering Act, 2002, in the facts where custody had become prolonged, trial had not progressed beyond cognizance, and conclusion of trial was not likely in the near future.
Analysis: The petitioner had remained in custody for about nine months, cognizance had been taken but charges were yet to be considered, and the complaint rested on a large volume of documents and witnesses, making early conclusion of trial unlikely. The earlier predicate complaints forming the basis of the ECIR had been withdrawn, while the later FIRs were either under investigation or only one had progressed to a final report. In these circumstances, the Court held that the statutory rigour of Section 45 of the Prevention of Money Laundering Act, 2002 could be relaxed, and that continued incarceration would offend the mandate of Article 21. The Court also noted that the petitioner's past conduct and the gravity of the allegations did not, on these facts, justify denial of bail.
Conclusion: The petitioner was entitled to bail, and the application was allowed.
Ratio Decidendi: Where prolonged custody is coupled with no real prospect of early trial conclusion, the constitutional guarantee of personal liberty may justify grant of bail even in a money-laundering prosecution, notwithstanding the statutory restrictions on bail.
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