PMLA bail and speedy trial: prolonged custody justified release despite failure to satisfy the statutory twin conditions.

In a PMLA bail matter, the Court examined whether the statutory twin conditions under Section 45 were met on the basis of investigation material alleging laundering, layering, facilitation of payments, acquisition of properties through associates, and corroborative statements. Although the materials did not establish the twin conditions for bail, the Court also considered the petitioner's prolonged custody, the volume of witnesses and documents, and the likelihood that trial would not conclude soon. Bail was granted on the ground that continued incarceration would impair the constitutional right to personal liberty and a speedy trial under Article 21.

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Issues: Whether the petitioner was entitled to bail in a prosecution under the Prevention of Money Laundering Act, 2002 despite the statutory twin conditions, having regard to the material collected during investigation and the length of custody.

Analysis: The application was examined on the basis of the alleged role attributed to the petitioner in laundering and layering of proceeds of crime, including the asserted involvement in facilitating payments, acquiring properties through associates, and the reliance placed on statements recorded during investigation along with other corroborative material. The statutory restrictions under Section 45 of the Prevention of Money Laundering Act, 2002 required the Court to assess whether there were reasonable grounds for believing that the petitioner was not guilty and would not commit an offence while on bail. At the same time, the Court took note of the period of custody, the volume of witnesses and documents, and the fact that the trial was not likely to conclude in the near future, with the consequence that continued incarceration would implicate the right to personal liberty and speedy trial under Article 21 of the Constitution of India.

Conclusion: The twin conditions for bail were not found to be satisfied on the materials then available, but bail was nevertheless granted because prolonged custody and the expected length of trial justified enlargement on bail in order to protect the petitioner's right to a speedy trial.

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