TaxTMI 
TaxTMI 
2022 (3) TMI 1057
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....) read with Section 13(2) of the Prevention of Corruption Act, against applicant-accused Vikram Kumar Seth and others, on the allegations that on the basis of forged and fabricated documents, they obtained loan from the banks. FIR No. 86 dated 30.07.2013 and FIR No. 61 dated 13.05.2013, under Sections 420,467,468,471,120-B IPC have also been registered against Vikram Seth and others, at Police Station Phagwara. Since. The offences under Sections 120-B,420,467,471 IPC and Section 13 of Prevention of Corruption Act are scheduled offences, hence the Directorate of Enforcement, Jalandhar registered the present ECIR under the Prevention of Money Laundering Act, 2002 (for short, PMLA, 2002) against the applicant-accused. It is alleged that during investigation by the Directorate of Enforcement, it is found that accused Vikram Seth is the mastermind of this fraud and he generated proceeds of crime by availing bank loans on the basis of forged documents and further diverted, siphoned off and parked those proceeds of crime in various movable and immovable properties. It is further alleged that accused Vikram Seth had operated bogus entities viz M/s B.L.Seth Steels Ltd., M/s B.L.Seth Coal Sa....
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..... It is further alleged that on 17.05.2012 and 18.05.2012 cash amounting to Rs. 1,07,71,000/- was withdrawn from various loan accounts of BL Seth group and on 18.05.2012 cash amounting to Rs. 80,59,472/- was utilized for making repayments of old loans obtained from The Phagwara Primary Co-operative Agriculture Development Bank Ltd, Phagwara. It is further alleged that loans amounting to Rs. 28,00,000/-, Rs. 19,00,000/- and Rs. 15,00,000/- were obtained in the name of Suresh Seth from ICIC Bank against plots situated in Urmil Enclave, Hadiabad and the said loans were repaid by utilizing the loan availed from BOB, Phagwara. It is further alleged that accused obtained loans from the banks by fraudulent means and utilized those loan amounts to repay the earlier loan installments. The accused also transferred two plots measuring 1 kanal each in the name of his son Shivam Seth, without any consideration. It is further alleged that during investigation it has been revealed that Shri Sumit Khanna and Smt. Rashi Khanna are partners of M/s R.S.Traders and the said firm made repayments of some of the loans availed by entities/persons of Seth Group. Thus, the Directorate of Enforcement, after ....
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....and rather, had made every possible effort to thwart the investigation. While emphasizing upon Sections 45, 65 and 71 of the PML Act, it is submitted that the Hon'ble Supreme Court in Shivinder Mohan Singh Vs. Directorate of Enforcement , 2020 (3) RCR (Criminal) 195, has granted status quo against the order passed by the Delhi High Court, vide which regular bail was granted to the petitioner therein in a case registered under the provisions of the PML Act, holding that the law laid down therein shall not be treated as a precedent. It is further submitted that that provisions of Section 45 of PML Act were struck down by the Hon'ble Supreme Court on 23.11.2017, but again amendment was brought on 19.04.2018 and the question of its constitutional validity is pending before the Hon'ble Supreme Court as different High Courts have taken divergent views on the issue whether the provisions of Section 45 are revived or re-enacted. It is further submitted that under the provisions of Section 45 of the PML Act, no person accused of any offence under the PMLA shall be released on bail or on his own bonds unless (i) the Public Prosecutor has been given an opportunity to oppose the ....
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....itions before bail could be granted to a person accused of an offence punishable for a term of imprisonment for more than three years under Part A of the Schedule attached to the PML Act. As per these conditions, before grant of bail, the Public Prosecutor was required to be given an opportunity to oppose the plea for bail and that where the Public Prosecutor opposed such plea, the Court could order release of the accused on bail only after recording a satisfaction that there were reasonable grounds to believe that the person to be released was not guilty of the offence he was accused of and that while on bail he was not likely to commit any offence. The constitutional validity of the aforesaid provisions imposing the twin conditions for grant of bail, came up for consideration of the Hon'ble Supreme Court in Nikesh Tarachand Shah Vs. Union of India and another, (2018)11 SCC page 1, and the Hon'ble Supreme Court, after holding that the prescribed twin conditions for release on bail were violative of Articles 14 and 21 of the Constitution, declared Section 45(1) of the PML Act, as unconstitutional, to that extent. The operative part of judgment of the Hon'ble Supreme Co....
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.... Coordinate Bench of this Court in CRM-M-35662- 2021, titled as 'Shiv Lal Pabbi Vs. Directorate of Enforcement', decided on 27.10.2021, has dealt with the similar issue and released the petitioner therein on bail. It is well settled principle of law that when the investigation is complete and the charge-sheet is filed in the Court, conclusion of the trial is likely to take a long time, a person/accused like the petitioner, who is aged about 53 years, can be released on bail, subject to his furnishing bail/surety bonds and with a condition that his passport shall remain deposited with the Court/Prosecuting Agency and he will not leave the country without seeking prior permission of the Court. After considering the entire matter and in particular that investigation is the case is complete and a complaint has already been filed by the E.D.; the petitioner has been in custody since 26.07.2021 and that the properties of the petitioner have already been attached, this Court is of the opinion that the present petition deserves to be allowed. Ordered accordingly. However, the grant of bail to the petitioner, is subject to the following conditions: (i). The petitioner shall furn....