https://www.taxtmi.com/caselaws?id=294782 Bail in a money-laundering prosecution was refused where the complaint and supplementary complaint disclosed a prima facie case against the applicant, a former bank MD/CEO, for allegedly extending financial benefits to connected entities and receiving reciprocal benefits through family-controlled companies. The Court relied on witness statements, fund-trail material, property attachments, and allegations of layering and siphoning of proceeds of crime, and found that the seriousness and magnitude of the alleged economic offence outweighed the grounds for release. It also noted that the amendment issue to Section 45 of the PMLA did not need to be decided for disposal of the bail application. en-us Mon, 25 Jan 2021 00:00:00 +0530 Mon, 03 May 2021 08:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294782 Bail in a money-laundering prosecution was refused where the complaint and supplementary complaint disclosed a prima facie case against the applicant, a former bank MD/CEO, for allegedly extending financial benefits to connected entities and receiving reciprocal benefits through family-controlled companies. The Court relied on witness statements, fund-trail material, property attachments, and allegations of layering and siphoning of proceeds of crime, and found that the seriousness and magnitude of the alleged economic offence outweighed the grounds for release. It also noted that the amendment issue to Section 45 of the PMLA did not need to be decided for disposal of the bail application. Case-Laws Money Laundering Mon, 25 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294782