2025 (7) TMI 1645

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....nafter referred to as 'IPC') registered at Police Station Economic Offences Wing, Delhi Police. 2. Based on the FIR, an Enforcement Case Information Report being ECIR/14/HIU/2020 dated 2 September 2020 ("ECIR") was recorded under S. 3 and S. 4 of the Prevention of Money Laundering Act, 2002 ("PMLA") by the Directorate of Enforcement ("ED"). Basis the ECIR, the ED is conducting a separate investigation in the matter and the Applicant has been cooperating with the investigation initiated by the ED. 3. Briefly stated, the Applicant is an Indian citizen aged 28 years and is the Director and Editor of PPK Newsclick Studio Pvt. Ltd ("PNSPL") and was appointed as an Additional Director of PNSPL on 12.03.2020. Subsequently was appointed as a Directorof PNSPL on 30.092020. 4. The Applicant has been providing his services to PNSPL as an Editor since 01.06.2016 and even after his appointment as a Director of PNSPL and till date; the Applicant continues to be the editor of PNSPL and is not involved in taking the major financial decisions of PNSPL. The Applicant only looks into the news related functions of the PNSPL and is delinked from the business affairs of PNSPL. 5. The Applicant is ap....

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....the sale of shares to WMHL etc. The Applicant has reasonable grounds to believe that he will be arrested by the Respondent/EOW on 9 July 2021 when he appears before the Respondent/EOW in compliance with the S. 41-A Cr.P.C Notice, not withstanding his willingness to cooperate in the Investigation. 11. In February 2021, multiple search and seizure operations were carried out by the ED under Section 17 of the PMLA at the residence of the Applicant as well as the premises of various Employees, Directors, Shareholders, and Contractors of PNSPL between 9 February 2021 and 13 February 2021. The search and seizure operations at the Applicant's premises were conducted on 9-10 February 2021. Various records (both documentary and electronic) were seized from, the residential premises of the Applicant situated at D-26, 2nd floor, Block D, Saket, New Delhi-110017. 12. It was only during these raids that the Applicant came to know for the first time that the ED had commenced an investigation under the PMLA in respect of the affairs of PNSPL. 13. The Applicant has been cooperating with the investigation initiated by the ED and undertakes to participate and fully cooperate in the investigation ....

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....he EOW, and there being a legal bar in this regard. It is submitted that the provisions of the FEMA and their interpretation by judicial opinion make it clear that such a bar is absolute and violation of the same will be fatal to any investigation. 18. The Applicant fulfils the Triple Test for grant of Bail. It has been held in a catena of judgments that while dealing with the bail petition, it is not in dispute that three factors must be seen viz. i) flight risk, ii) tampering evidence iii) influencing witnesses. Pertinently, all the three factors are satisfied qua the Applicant in the instant case. The Applicant is not evading the process of law and there is no allegation of non-cooperation against the Applicant. The Applicant has deep roots in the society and there is no apprehension of the Applicant fleeing away from justice. There is also no evidence that the Applicant has used his position to influence or intimidate any witnesses. 19. The investigation into the FIR relates to FDI transactions in the year 2018 and is completely documentary in nature. The ED has also seized all the relevant documentary evidence from the residence of the Applicant, various other pers....

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....at 26% of the capital of the Company as well as to avoid Government approval for such FDI. 27. If the shares were allotted to the foreign investor at the face value, 98% of total capital of the Company was to be allotted to the foreign investor which was against the FDI policy of the Government for investment in the Digital News Website. 28. The Investor Company M/s Worldwide Media Holdings LLC was incorporated in the State of Delaware, USA giving address of a Chartered Accountant and the Company was reported as cancelled due to non-payment of tax as on 01.06.2017. 29. It shows that this Company had received FDI of Rs. 9.59 crore from M/s Worldwide Media Holdings LLC after a gap of more than one year from the date when the Company was cancelled. The reason for incurring such huge losses was excessive payment of consultancy, salary and rent. For example, salary/ Consultancy Fee of Rs. 3.82 crore and Rs. 1.12 crore respectively were paid during FY 2018-19 even when the total revenue of the Company was of Rs. 1.10 crore. 30. More than 45% of FDI was actually diverted/siphoned-off for the payment of salary/consultation fees, rent and other such expenses of the Promoters/Journalists....