Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
In a second application for regular bail in an SFIO prosecution alleging diversion of cooperative society funds and offences including fraud under the Companies Act, the court considered whether prolonged incarceration and delay in trial justified relaxation of the twin conditions under s.212(6). While acknowledging that such conditions may be diluted where incarceration is unduly prolonged, it held that a successive bail plea must still demonstrate a substantial change in circumstances. Given the gravity of allegations (including large-scale siphoning), absence of substantiation of claimed repayment, and the prior reasoned rejection of bail affirmed by the apex court, no such change was shown; bail was refused and the trial court was directed to expedite the trial. - HC
In a second application for regular bail in an SFIO prosecution alleging diversion of cooperative society funds and offences including fraud under the Companies Act, the court considered whether prolonged incarceration and delay in trial justified relaxation of the twin conditions under s.212(6). While acknowledging that such conditions may be diluted where incarceration is unduly prolonged, it held that a successive bail plea must still demonstrate a substantial change in circumstances. Given the gravity of allegations (including large-scale siphoning), absence of substantiation of claimed repayment, and the prior reasoned rejection of bail affirmed by the apex court, no such change was shown; bail was refused and the trial court was directed to expedite the trial. - HC
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