2023 (1) TMI 1189

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....for CBI & PML Act Cases at Chennai, seeks bail. 2.1. As per the report, the respondent registered Enforcement Case Information Report (ECIR) No.ECIR/CEZO-II/05/2017 for the offences punishable under Sections 465, 467, 468, 471 and 420 of IPC on the file of the CCB-I and Office of the Commissioner of Police, Egmore, Chennai. Since the offence under Sections 420, 467 & 471 of IPC are scheduled offences under Sections 2(1)(x) and 2(1)(y) of PML Act, the respondent recorded in CEZO/05/2017 dated 01.04.2017. M/s.BK Electro Tool Products is the sole proprietorship concern owned by one, B.Kannan. The account holder / A1 opened a current account in the name and style of M/s.BK Electro Tool Products with Indian Bank, Thousand Light Branch, Chennai ....

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..../s.Levensun Global Solutions Private Limited. Likewise, the fourth accused imported documents for and on behalf of M/s.BK Electro Tool Products. A5 also filled the account opening form of M/s.BK Electro Tool Products thereby using one and the same Pan No. in the name of M/s.BK Electro Tool Products A1 and A2 made overseas wire transfer to the tune of Rs.33,79,45,856/- through four banks and the second accused made overseas wire transfer to the tune of Rs.25,67,57,904/- through three banks without making any corresponding imports into the country. A6 issued five certificates in Form 15CB in favour of M/s.BK Electro Tool Products that resulted in making foreign outwards remittances of Rs.3,45,45,182/- through SBT, Mount Road Branch, Chennai. ....

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....2,307,098.54 from M/s.Decent Mount Limited to Flourish Noble Limited accounts held in HSBC, Hong Kong and also transferred funds from M/s.Prestige Key HK Limited and it was the petitioner who operated the above accounts. 3.2. The learned counsel for the petitioner would further submit that the petitioner is neither the proprietor nor the partner of M/s.Levensun Solutions Private Limited or M/s.I Square Enterprises. The entire allegations are baseless and unsubstantial and the petitioner has been falsely implicated in this case. There is no material let in by the prosecution to show that the petitioner assisted the layering such amounts into the account of M/s.B.K.Electro Tool Products. M/s.B.K.Electro Tool Products had imported goods from ....

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....nd thereby involved in the activity connected with the layering of funds to the extent of Rs.82,00,001.00/- into the bank account of M/s.B.K.Electro Tool Products maintained with Indian Bank, Thousand Lights Branch, Chennai. He also assisted the first accused, the proprietor of M/s.I Square Enterprises to one Ameen from Burma Bazaar, Chennai, through which a sum of Rs.1,26,00,000.00/- was layered into the account of M/s.B.K.Electro Tool Products maintained with Indian Bank, Thousand Lights Branch, Chennai. He operated the accounts that received the proceeds of crime at Hong Kong as shown in the material object filed in the complaint. From the account of the A1 and A3, the money has been layered and operated the account where the proceeds of....