TaxTMI 
TaxTMI 
2018 (12) TMI 1879
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....umbai (EOW) Unit-V. In pursuant to the order dated 22nd December, 2015, passed by the High Court, the Directorate recorded a Enforcement Case Information Report ("ECIR" for short) No.ECIR/02/MBZ0/2016, dated 12th January, 2016, to investigate the offence of money laundering in terms of Prevention of Money Laundering Act, 2002 ("PMLA", for short), as the offences under Sections 420 and 120-B of IPC fall under scheduled offences covered in Part-A of paragraph (1) of Schedule to the PMLA Act, 2002. During the course of investigation, statements of several persons were recorded. In pursuant to that complaint has been filed before the competent Court. 3 Applicant was granted bail in connection with the case investigated by EOW on 10th May, 2016. On completing investigation, charge-sheet is filed in this case on 16th April, 2016. Applicant continued to be on bail in connection with said case. However, on 18th June, 2018, the applicant was arrested in the present case. 4 Applicant had preferred an application for bail before the Special Court, which has been rejected. 5 Learned counsel for the applicant submitted that the applicant was arrested in case investigated by EOW and inv....
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.... case relates to the documents. He was already arrested and was in custody for substantial time, and, was subsequently released on bail. There is no new evidence presented by the prosecution. He had cooperated with the investigation prior to his arrest and thereafter. The fact that he was not arrested for long period of time after granting bail, would indicate that his custody was not required. There are no complaints from any of the Authorities that the applicant had been tampering with the investigation at any point of time. It is further submitted that the present case was under investigation since 2016, and, during the investigation it was not noticed that the applicant was involved in laundering the proceeds of any crime. It is, therefore, prayed that the applicant be granted bail. It is further submitted that the custody was sought for finding out trail of money, however, the complaint filed by the complainant, itself reflects the trail. The custody of applicant, is, therefore, not necessary for any purpose. In the order dated 28th April, 2017, passed by this Court in Company Petition No.514 of 2013, it was observed that from papers proceeded by ED, it is established that Mr.....
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.... bank accounts of M/s.GTSL and M/s.GHL. Part of the amount received in the account of M/s.GTSL was transferred in the accounts of M/s. Zomo Technologies Ltd. And M/s.Emiloto Associates Inc. After receipt of the funds in those companies, those funds were not utilized for the intended purpose of acquisition of new companies. Mr.Dinesh Jajodia is the director and authorized signatory in the aforesaid companies. It is further stated that during the investigation, Bank Statement being account number 710902319001 of M/s.Yvette Investment Ltd. with Abu-Dhabi Commercial Bank was obtained. The scrutiny of the same had revealed that an USD 31799750 was transferred from the account of M/s.Yvette into the accounts of M/s.GTSL. Out of the amount of 82.02 Million USD invested in EEMF, as mentioned in the affidavit filed in the Court, an amount of USD 57.52 Million USD was transferred into the accounts of M/s.YIL, UAE, wherein Mr.Dinesh Jajodia is the director. Out of USD 57.52 Million, which was transferred in the accounts of M/s.YIL from EEMF, an amount of USD 23.8 Million was transferred from M/s.YIL into the accounts of M/s.GTSL, wherein Mr.Prashant Mulekar is the director. It is submitted th....
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.... Kumar Alias Bachcha Rai, (2017) 13 SCC 751. He also pointed order passed by this Court in Company Petition No.514 of 2013 on 14th July, 2016, referring to affidavit filed by Joint Commissioner of Police, EOW, stating that three Directors of Geodesic Ltd., hatched conspiracy with Dinesh Jajodia to cause wrongful gain to themselves and wrongful loss to shareholders and FCCB holders, siphoned off funds of shareholders to the tune of Rs. 250 crores by showing bogus purchases of software and failed to redeem foreign currency convertible bonds worth USD 125 Million to FCCB holders by creating a web of shell companies in various countries with malafide intention to siphon off the money through fictitious dealings. 8 I have gone through the documents on record. 9 Applicant was arrested in predicate offence, and, subsequently, he was granted bail. Investigation in respect to PMLA, had been assigned to respondents before the applicant was granted bail. It appears that the respondents have continued with investigation and collected evidence against the applicant. The complaint gives filed by the respondents alleges that applicant had played a major role in money laundering. The complai....
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....saction with M/s.YIL in their books of accounts. M/s.GTSL has projected the transaction of 31.79 Million USD, as untainted under guise of income from sales receivable of the goods viz. Mundu etc., purportedly sold by M/s.GL under the directions of Mr.Prashant Mulekar. Applicant is being incharge of the department of holding the product viz. Mundu, is aware of the fact that the product is purportedly sold by M/s.GL, as untainted in the account of M/s.GTSL. The investigation under the PMLA has revealed that M/s.GL had recorded the expenses under the guise of bogus purchase of software. Out of Rs. 608.64 crores on account of bogus purchase of software of M/s.GL an amount of 5.29 crores had gone to M/s.UVIPL and others receipt of amount of Rs. 5.29 crores was projected as untainted wherein the applicant is the director. It is, thus, the case of the prosecution that the applicant is prima facie guilty for the offence of money laundering. The evidence collected during the course of investigation, thus, indicate involvement of the applicant in the said crime. The applicant being managing director of M/s.GL had projected the receipt of 31.79 Million USD into the account of M/s.GTSL from th....