TaxTMI 
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2022 (4) TMI 1473
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....02 in PMLA Special Case No. 404/2021 arising out of ECIR/MBZO- I/39/2020. The applicant is a chartered Accountant by profession. The applicant was arrested on 23.01.2021 and since then is in custody barring his release on temporary bail from 06.12.2021 to 01.02.2022. 2. The aforesaid case is registered on the basis of a complaint dated 19.3.2021 by the first respondent Directorate of Enforcement Mumbai (ED for short ) which in turn is based on an FIR dated 23.09.2020 under Section 409,420 120-B of IPC and Section 13(1) (d) and 13(2) of the Prevention of Corruption Act 1988. The said FIR was lodged by the Central Bureau of Investigation (CBI) Mumbai against officials of Yes Bank and M/s Housing Development and Infrastructure Limited (HDIL).....
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....order dated 10.09.2021 which is subject matter of challenge before the Delhi High Court. The High Court has stayed the attachment by order dated 25.10.2021. 6. In this case after investigation, a complaint is filed before the Special Court which is registered as PMLA Special Cae No. 404 of 2021. 7. The Bail Application No. 110/2021 filed by the applicant was rejected by the learned Special Court on 10.03.2021. The application for seeking release on default bail under section 167(2) of Cr.P.C. was rejected by the learned Special Court on 8.04.2021. Both these applications were filed during the pendency of the investigation and filing of the complaint. The applicant again approached the learned Special Court for bail, after filing of the co....
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....bmitted that the Accused nos 12, 13 and 14 have been released on bail by the learned Special Court. 11. The applicant had reported to the ED during the investigation and his statement is recorded and nothing incriminating was found or recovered from his residence or office. 12. The investigation qua the applicant is complete and the complaint is filed. Thus, further incarceration of the applicant pending trial is not necessary or justified. 13. The applicant has no criminal antecedents and has deep roots in the society. There is no possibility of the applicant fleeing from justice or otherwise misusing the liberty. The applicant is ready and willing to abide by any condition that may be imposed by this court. The evidence in the case is ....
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....h discriminatory attitude by the Investigating Agency has also been held to be a good ground for grant of bail. 18. The learned Spl. P.P. has submitted that there is a specific role played by the Applicant in the mater of concealment of the nature of transaction by which the two units in the Kaledonia building were shown to be transferred by Wadhawan, to M/s. Viva Holdings, which is beneficially owned by Mr. Mehul Thakur and others. The learned Spl PP submitted that the consideration for the said transfer was shown to be Rs.34.36 crores and the Applicant was aware that the consideration never passed as the cheques were not encashed by Mack Star. It is submitted that the Applicant was engaged in preparing and auditing the books of accounts ....
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....n transferring the properties of Mack Star to Viva Holding. In short, it is alleged that the applicant was aware of both the sale agreements dated 29.06.2017 with regard to the sale of the office units bearing No. 502-A and 502-B in Kaledonia Building to Viva Holdings, wherein Mack Star as a Developer had issued receipts of the payment, which were part of the said agreements. In effect, the allegation against the applicant, is that he "knowingly ignored", the fact regarding nonencashment of the cheques, mentioned in those sale agreements. Secondly, it is contended that the applicant gave his wrong residential address and thirdly he intentionally deleted all the data from his phone, including whatsapp chat, call logs, messages, etc. in his e....
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....ata from the mobile phone and the sale of laptop in order to destroy evidence. 20. In this case, the Investigating Agency did not arrest Sarang Wadhaawan and as a result thereof, Sarang Wadhawan could secure bail from the Special Court by order dated 07.04.2022. The investigation qua the applicant is complete. The necessary seizure of the documents have been made. The two units have been attached. Thus, I do not find any justification to detain the applicant behind bar pending trial which may take some time for its conclusion. The later aspect has also been acknowledged by learned Special Judge in the order dated 07.04.2022. I find that the twin conditions in Section 45(1) are satisfied in this case. In the circumstances of the case,....