Fraudulently obtained SEIS scrips cannot support customs exemption; recovery, confiscation and penalties were sustained, but employee penalty fell awa...
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HC held that the bail applicant failed to meet the mandatory twin conditions under the PMLA. The Court found prima facie material showing scheduled offences, recoveries, and financial transactions through accounts of the petitioner, family members and the Trust that suggested routing and layering of proceeds of crime. It also accepted that statements recorded under Section 50 of the PMLA are admissible and relied on them along with the prosecution complaint to conclude that reasonable grounds were not shown for believing the petitioner was not guilty or would not reoffend on bail. Bail was therefore refused.
HC held that the bail applicant failed to meet the mandatory twin conditions under the PMLA. The Court found prima facie material showing scheduled offences, recoveries, and financial transactions through accounts of the petitioner, family members and the Trust that suggested routing and layering of proceeds of crime. It also accepted that statements recorded under Section 50 of the PMLA are admissible and relied on them along with the prosecution complaint to conclude that reasonable grounds were not shown for believing the petitioner was not guilty or would not reoffend on bail. Bail was therefore refused.
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