PMLA bail and speedy trial principles can outweigh strict bail restrictions when custody is no longer justified.
Regular bail under the Prevention of Money Laundering Act was granted where the accused, an external auditor, was not shown to be a beneficiary of proceeds of crime and no property belonging to him had been attached. Although Section 45 imposed strict bail conditions, the predicate and PMLA proceedings were still at an early stage, and the large number of witnesses and documents made early conclusion of trial unlikely. In these circumstances, continued custody was held unjustified in light of Article 21 protections of personal liberty and speedy trial, and release on bail was ordered.
Issues: Whether regular bail should be granted in a prosecution under the Prevention of Money Laundering Act, 2002 in view of the applicant's role as an external auditor, the stage of the predicate and PMLA proceedings, and the prolonged period of incarceration.
Analysis: The application was considered in the context of the statutory restrictions under Section 45 of the Prevention of Money Laundering Act, 2002 and the constitutional protection of personal liberty and speedy trial under Article 21 of the Constitution of India. The material showed that the applicant was not shown to be the beneficiary of any proceeds of crime, no property belonging to him had been attached, and the predicate as well as PMLA proceedings were still at an early stage. The Court also noted that the trial involved a large number of witnesses and documents and was not likely to conclude in the near future. In these circumstances, continued custody was found to be unjustified notwithstanding the rigours of the bail provision.
Conclusion: Regular bail was held to be warranted and the applicant was entitled to release on bail.
Ratio Decidendi: Where the trial under PMLA is unlikely to conclude within a reasonable time and the accused is not shown to be a beneficiary of the proceeds of crime, constitutional considerations of liberty and speedy trial may override the statutory rigours of Section 45 of the PMLA for the purpose of bail.
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