Bail denied under PMLA as Section 45 twin conditions unmet; Section 50 statements implicate possession and concealment of proceeds

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....The HC dismissed the petitioner's bail application under the PMLA and directed continued custody. The court held that the statutory twin conditions in Section 45 were not satisfied: it was not satisfied that there were reasonable grounds for belief of the petitioner's innocence nor that the petitioner would not commit an offence while on bail. Statements recorded under Section 50 implicated the petitioner in acquisition, possession, concealment and facilitation of proceeds of crime and in assisting fabrication of documents to acquire property. Given the serious statutory scheme, the wide ambit of Section 3 and absence of exceptional circumstances, delay in custody did not justify grant of bail.....