https://www.taxtmi.com/caselaws?id=761941 Regular bail under the Prevention of Money Laundering Act was declined because the Court found the statutory twin conditions under Section 45 were not satisfied. On the material collected, including alleged diversion of loan funds, inflated turnover, fictitious stock declarations, Section 50 statements, and the petitioner's alleged role as an active participant and beneficiary of the proceeds of crime, the Court held that reasonable grounds were not made out to believe the petitioner was not guilty. Prolonged custody and trial delay were considered, but the Court held they could not override the PMLA bail restrictions. The petition for regular bail therefore failed on merits. en-us Tue, 19 Nov 2024 00:00:00 +0530 Thu, 21 Nov 2024 08:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761941 Regular bail under the Prevention of Money Laundering Act was declined because the Court found the statutory twin conditions under Section 45 were not satisfied. On the material collected, including alleged diversion of loan funds, inflated turnover, fictitious stock declarations, Section 50 statements, and the petitioner's alleged role as an active participant and beneficiary of the proceeds of crime, the Court held that reasonable grounds were not made out to believe the petitioner was not guilty. Prolonged custody and trial delay were considered, but the Court held they could not override the PMLA bail restrictions. The petition for regular bail therefore failed on merits. Case-Laws Money Laundering Tue, 19 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761941