Bail Granted: Court Finds No Prima Facie Evidence of Money Laundering in Crypto Theft Case, Citing Trial Delays.

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....The case pertains to the grant of regular bail to an Indian national accused of committing an offence under foreign law, which is a scheduled offence under the Prevention of Money Laundering Act (PMLA). The key points are: The Enforcement Directorate (ED) initiated proceedings based on a Mutual Legal Assistance (MLA) request from U.S. authorities, alleging that the accused stole cryptocurrencies and transferred the proceeds to India. The court examined the applicability of PMLA in cases where the predicate offence occurred outside India but the proceeds were transferred to India. The court held that for offences under the first category defined in Section 2(1)(ra)(i) of PMLA, where the predicate offence occurred outside India but the procee.........