TaxTMI 
TaxTMI 
2022 (11) TMI 293
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....r Section 3 read with Section 4 of the Prevention of Money Laundering Act, 2002 (for short 'PML Act'). 2. The brief facts of the case are that the Cyber Crime Police in Bengaluru registered an FIR in crime No.8/2021 dated 15.06.2021 against 13 accused for having committed the offence under Section 420 of IPC and Section 66D of the Information Technology Act, 2008. The offence under Section 420 of IPC is a scheduled offence under the provisions of prevention of Money Laundering Act and as such the respondent Directorate of Enforcement has taken up the investigation of the matter. Later, on investigation the respondent is of the opinion that there exists a prima facie case pertaining to money laundering under Section 3 of the PML Act punisha....
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....respondent. Perused the records. 5. Learned counsel for the petitioner contends that since last 11 months he is in custody and no final report is filed as on today and still investigation is going on. He would also contend that there is no material evidence to prove the scheduled offence and he is not keeping good health as his heart is functioning only to the extent of 40% and genesis of proceeds of crime is absent. As such he would seek for admitting him on regular bail. 6. Per contra, learned standing counsel has submitted written objections. It is seriously contended that PML Act is a special enactment and admittedly the offence under Section 420 of IPC is a scheduled offence and there is presumption in favour of the prosecution under....
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.... is important to note here that the services of Razorpay and PayU were obtained by the petitioner and as such the said two firms provided the services by enabling gateway services. However, both the companies started to receive complaints that money was paid to the said companies through an app called Power Bank and Sunfactory by promising the general public that heavy returns would be given to them on their investment. Admittedly, the nature of services which was represented to Razorpay and PayU were not adhered to and it was Power Bank and Sunfactory which lured the general public to invest the money. It is also evident that Power Bank and Sunfactory were not available on Google Playstore and later on complaint came to be filed in Cr.No.8....
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....cie disclose that money collected from public has been transferred to several various companies by the petitioner without there being any reason/occasions. It is further alleged that it is a process of concealment and layering of funds that had been acquired by duping the public at large. 10. Further all along it is alleged that petitioner was operating Rummy game through the abovementioned firms, but during the course of investigation, it was found to be false. The investigation also reveals that huge amount of money was transferred to multiple fictitious entities from November 2020, many of which were handled by Chinese. It is further specific allegation that the petitioner is not co-operating with the investigation all along and he is i....