https://www.taxtmi.com/caselaws?id=750936 The Allahabad HC granted bail to an applicant in a money laundering case involving fraud and forgery of securities through the BIKEBOT scheme. The applicant was not named in 55 FIRs by investors nor charge-sheeted in related cases. While Rs. 20 crores was allegedly transferred to another individual's account, the Enforcement Directorate had not arrested that person. The court found twin conditions under Section 45 of PMLA satisfied, noting lack of positive evidence except statements and presumptions. Considering the applicant's detention since July 2023, no criminal history, maximum seven-year sentence, and no flight risk, bail was granted. en-us Fri, 22 Mar 2024 00:00:00 +0530 Thu, 04 Apr 2024 04:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750936 The Allahabad HC granted bail to an applicant in a money laundering case involving fraud and forgery of securities through the BIKEBOT scheme. The applicant was not named in 55 FIRs by investors nor charge-sheeted in related cases. While Rs. 20 crores was allegedly transferred to another individual's account, the Enforcement Directorate had not arrested that person. The court found twin conditions under Section 45 of PMLA satisfied, noting lack of positive evidence except statements and presumptions. Considering the applicant's detention since July 2023, no criminal history, maximum seven-year sentence, and no flight risk, bail was granted. Case-Laws Money Laundering Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750936