2020 (12) TMI 616

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....oceeding before the Special Court, Prevention of Money Laundering Act bearing Case No. G14 of 2019 and Complaint Case No. 101 of 2019 on the ground that from a bare reading of the charge-sheet no offence is made out against the petitioner. 3. The genesis of the controversy in the present case arises out of the fact that M/s HLF and M/S Hameed Sons Export had taken loan from Allahabad Bank and had caused loss to the said bank to the tune of Rs. 31.24 crores. It was stated that the loan was obtained by Sri Irshad Alam who submitted export documents with the bank under his signatures. He was responsible for running the current accounts for both entities. He had signed on the debit instruments to utilise the funds obtained from Allahabad ....

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....in personal gain. 6. It has been alleged that the petitioner avoided investigation by not appearing before the Enforcement Directorate for recording his statement. He took different pleas all times. Summons were issued to him on 23.06.2018 for his appearance on 06.07.2018 but he did not tender his statement but furnished a letter dated 06.07.2018 wherein he pleaded for more time to collect all requisite documents/information. 7. It has been submitted by Sri Shiv P. Shukla, learned counsel for Enforcement Directorate that despite repeated opportunities, the petitioner did not co-operate during the investigation and did not appear before the Investigating Officer to give statement under Section 50 of the Prevention of Money Laundering A....

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....ring investigation leading to the culpability of the petition. He has submitted that during investigation it was revealed that these two firms had procured loan on forged documents and money so received in the accounts of these two firms were diverted and to personal gain of the petitioner and his father and out of those funds the petitioner has purchased the house at Kanpur, the details are given in the petition. It was further stated that as the petitioner has failed to satisfy the Investigating Agency, they were given their competence hold in culpable for the acts in the light of the provisions laid down in Section 24 of PML Act and therefore he submits that there is sufficient material to proceed against the petitioner. 11. It has al....

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....NCT of Delhi), 2020 (5) SCC 1, specially in paragraph No. 7.6, reads as under:- "7.5 Thus, considering the observations made by the Constitution Bench of this Court in the case of Gurbaksh Singh Sibbia (supra), the court may, if there are reasons for doing so, limit the operation of the order to a short period only after filing of an FIR in respect of the matter covered by order and the applicant may in such case be directed to obtain an order of bail under Section 437 or 439 of the Code within a reasonable short period after the filing of the FIR. The Constitution Bench has further observed that the same need not be followed as an invariable rule. It is further observed and held that normal rule should be not to limit the....