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Issues: Whether bail was to be granted in a prosecution under the Prevention of Money Laundering Act, 2002 despite reliance on the twin conditions under Section 45, in view of the constitutional safeguards under Article 21, the documentary nature of the evidence, and the grant of bail to co-accused.
Analysis: The petitioner's case was considered in the light of the bail already granted to similarly placed co-accused. The Court noted that the prosecution case rested largely on documentary material already seized, that a large number of documents and witnesses would be involved at trial, and that there was no apparent risk of tampering with the seized evidence. The Court also observed that the person for whose benefit the alleged transactions were said to have occurred had not been arrayed as an accused, and that the petitioner had been granted bail in the predicate offences. In these circumstances, the Court applied the principle that the stringent bail conditions under Section 45 of the Prevention of Money Laundering Act, 2002 cannot operate so as to negate the constitutional protection against prolonged pre-trial incarceration under Article 21 of the Constitution of India.
Conclusion: Bail was granted to the petitioner.
Ratio Decidendi: The twin conditions for bail under Section 45 of the Prevention of Money Laundering Act, 2002 cannot override the constitutional safeguard against unjustified prolonged pre-trial detention under Article 21 of the Constitution of India where the evidence is substantially documentary and already secured.