2016 (8) TMI 1539

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...., Counsel. For the Respondent : A.S.G., Shiv P. Shukla, Counsel. Hon'ble Umesh Chandra Srivastava, J. Allegations against the applicant is that he while being posted as Branch Manager, Dena Bank, Birhana Road Branch Kanpur in conspiracy with private persons, who were contractors and builders of a Housing Project, misused his official position and thereby fraudulently and dishonestly c....

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....5.2.2013. Learned counsel further submits that assets belonging to applicant as shown in report are not acquired from the proceeds of the alleged scheduled offence rather they were acquired from the money saved by the applicant during his long span of service as Senior Manger of the Bank and personal loans taken from Financial Institutions. Applicant had taken a personal loan of Rs. 2.5 Lakhs o....

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....e offence of money laundering punishable under section 4 of the said Act, whereas the schedule to Prevention of money Laundering Act involving offences under 28 paragraph enable the respondent to conduct the investigation for the collection of evidence relating to offence of money laundering. Therefore, it has been urged that economic offences constitute a class apart and need to be dealt with dif....

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....f more than three years under Part A of the Schedule shall be released on bail or on his own bond unless Public Prosecutor has been given an opportunity to oppose the application for such release and where the Public Prosecutor opposes the application, the Court is satisfied that there are reasonable grounds for believing that he is not guilty of such offence and that he is not likely to commit an....