TaxTMI 
TaxTMI 
2015 (12) TMI 1915
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....plication filed by the applicant under section 439 of the Code of Criminal Procedure for grant of bail. 3. The counsel for the respondent filed a written reply of the application and other relevant papers which are on record. The present applicant was arrested by the respondent, Directorate of Enforcement in Crime No. ICIR/INSZO/07/13 and also in Criminal Case No.162/2015 pending before the 2nd Additional Sessions Judge, Indore under section 3/4 of Prevention of Money Laundering Act (hereinafter referred to as 'PML Act 2002'). 4. The matter relates to the company M/s Zoom Developers Pvt. Ltd. (hereinafter referred to as 'ZDPL'). It was a private limited company having its corporate office at Mumbai. The company was und....
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....ay Choudhary, the present applicant joined the company as Company Secretary in the year 2003 and resign from the post in 2011. 6. As per the reply filed by the respondent, the allegations against the present applicant are as follows:- "1. Mr. Sharad Kabra is in knowledge of the fact that foreign trusts and beneficiary companies, called as Aggregators, were formed by Mr. Vijay Choudhary, who is the Director of ZDPL; 2. He has deliberately concealed this fact before the Bankers and thereby involved in the offence of money laundering. 3. Based on request letter submitted by Mr., Sharad Kabra, BG No.1232FLG006106 was issued by the PNB, on the basis of fabricated Contract No. LL/ZDPL/20/06/06, containing scanned sig....
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....ng the title of the subject property on to the name of M/s. Novagold International Lic, Dubai during July, 2014; 10. He has directly attempted and indulged and has knowingly assisted and knowingly is a party and is actually involved in the process or activity connected with the proceeds of crime including its concealment, possession, acquisition, and use and projecting and claiming it as untainted property, hence he is guilty of the Offence of Money Laundering u/s 3 of PMLA, 2002." 7. Learned counsel for the applicant submits that against the present applicant and the co-accused Vijay Choudhary, 7 cases were filed on complaint being lodged by 7 banks who were members of consortium before Mumbai Court. In all the cases, the prese....
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....kesh Manekchand Kothari Vs. Union of India dated 3.8.2015, passed in Special Criminal Application (Habeas Corpus) No.4247/2015 but in that judgment the Gujarat High Court has considered and stated about the procedure to be followed in both the eventualities, i.e. if the offence under PMLA is treated to be cognizable and if it is not treated to be cognizable. At one place the Gujarat High Court has, in one sentence, said that offence under provisions of PMLA is non-cognizable, but in my humble opinion the said finding is not supported by reasons. Even otherwise the said judgment only has persuasive value and considering the provisions of Section 4 of PMLA read with Part-II of First Schedule to Cr.P.C., I am of the opinion that the offence un....
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....Laundering. I have opened the sealed envelop and gone through the papers submitted by him. 12. Learned counsel for the respondent opposes the application mainly on the ground that its a case involving huge money to the tune of Rupees Twenty Two Hundred Crores. The present applicant is the main master mind and writer of various documents in contract through which the money was siphoned from the banks to the Aggregators which were mainly headed by the co-accused Vijay Choudhary. He submits that if bail is granted to the present applicant, further investigation in this case would be adversely affected. 13. I have gone through the reply filed by the respondent and the papers attached with the reply and also the additional papers submitted....