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Issues: Whether the petitioner was entitled to bail in a prosecution under the Prevention of Money Laundering Act, 2002, having regard to the nature of the alleged laundering activity and the statutory bail restrictions.
Analysis: The allegations concerned diversion of bank loan funds, use of shell companies, paper transactions, re-routing of funds, and projection of tainted money as legitimate contributions. The material placed before the Court indicated a continuing process connected with proceeds of crime, and the alleged role of the petitioner required detailed scrutiny at trial. In this statutory setting, bail could be granted only if the twin conditions under the special bail provision were satisfied, namely reasonable grounds to believe that the accused was not guilty and that he was not likely to commit an offence while on bail. On the facts presented, those conditions were not met.
Conclusion: The petitioner was not entitled to bail.
Ratio Decidendi: In a prosecution under the Prevention of Money Laundering Act, 2002, bail cannot be granted unless the accused satisfies the twin statutory conditions governing bail, and allegations of systematic diversion, layering, and laundering of funds may justify refusal of bail where those conditions remain unsatisfied.
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