AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 1980
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....n of Money Laundering Act, 2002 (hereinafter referred to as 'PMLA Act') for commission of offence of money laundering defined under Section 3 of PMLA, 2002. 3. Prosecution case, in brief, is that FIR No. 02 of 2021 dated 02.01.2021 was registered by Gandhi Maidan Police Station against Shubham Gupta in respect of alleged crime of cheating and forgery covered under Sections 419, 420, 467, 468, and 471 of the Indian Penal Code, for making an attempt to transfer a sum of Rs. 11,73,12,721/- from Account Number-1612046806 of CALA CUM DLAO Patna and PD NHAI PIU Gaya NH-83, maintained with Kotak Mahindra Bank, Exhibition Road Branch, Patna to the account of B.S. Enterprises held with ICICI Bank, Boring Road Branch, Patna by using RTGS....
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....t brought on record anything suggesting the role of the petitioner in syphoning of the funds. Learned counsel further submits that petitioner has no direct involvement in the alleged crime in question and out of Rs. 9 Lakh, an amount of Rs. 8,18,737/- has already been recovered as stated in paragraph no. 5 of the counter affidavit of the E.D. He further submits that the petitioner had no intention to cheat, as all transactions were conducted through legitimate bank channels, with full transparency and traceability. Most of the amount has already been reverted back by the Bank in the account of CALA CUM DLAO, Patna, indicates the bona fide nature of the dealings and absence of any fraudulent intent. It is next submitted that there ....
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....proprietorship concern of Hemanshu Kishorebhai Trivedi) maintained with NKGSB Cooperative Bank Ltd, NKGSB Ville Parle E Branch, Mumbai. It is submitted that after receiving the fraudulent amount of Rs. 8.77 crore (approx) in the account of his proprietorship concern Red Rose PL, Petitioner further transferred total amount of Rs. 9 lakh in his personal bank account No.019100100007544 maintained with NKGSB Co-op. Bank Ltd., Vile Parle (E) Branch, Mumbai and utilized the said amount of Rs. 9 lakh for his personal uses and further he transferred the remaining amount to the bank account of different entities/persons. It is next submitted that, a summon was issued to petitioner on 29.07.2023 and served by hand on 02.08.2023 but he ....
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....used by him for his personal use, investment in Fixed Deposits and insurance. 6. This Court would first deal with statutory provisions with regard to consideration of bail petition under the P.M.L.A. Act. It would be relevant to quote Sections 2(1)(p), 3, 4, 24 and 45(1)(i) and (ii) which are as under: "2(1)(p) "money-laundering" has the meaning assigned to it in section 3; 3. Offence of money-laundering.-Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property shall be guilty of offen....
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....ng with other co-accused of money laundering a sum of less than one crore rupees] may be released on bail, if the Special Court so directs: 7. The PMLA Act has been enacted to prevent money laundering and to prevent and to provide for confiscation of property derived from, or involved, in money laundering and for the matters connected therewith and incidental thereto. So far Section 24 of PMLA Act regarding burden of proof is concerned, from perusal of the complaint and the material on record, it appears that the accused-petitioner has failed to disclose facts showing his non-involvement in any process or activity with respect to the proceeds of crime and has also not been able to rebut legal presumption invoked in Section 24 of the PMLA....
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....is a special legislation providing for stringent regulatory measures for combating the menace of money laundering. 8. Under the facts and circumstances, from perusal of records, it appears that there is enough material on the record to show that the petitioner was actively involved in acquisition, disposal and transfer of proceeds of crime. Further from perusal of the records, it appears that the allegation made against the petitioner is grave and serious in nature. Further, it appears that accused-petitioner has direct involvement in receipt of proceeds of crime and further layering and laundering of proceeds of crime which make him liable for the offence of money laundering punishable under Section 4 of the PMLA. 9. Considering the ....