Alka Verma-
Published On: October 22, 2021 at 14:00 IST
The Telangana High Court has declined to grant the Anticipatory Bail to a man who is accused of Money Laundering worth Rs.1747.45 crores.
The High Court in its order stated that granting Anticipatory Bail in the middle of the investigation may hamper the pieces of evidence.
It is said that the ongoing investigation is conducted by the Directorate of Enforcement, Hyderabad, regarding the commission of offences punishable under the Prevention of Money Laundering Act, 2002 (PML Act).
In the said case, the lenders of the company, M/s.VMC Systems Limited has declared the account as Fraud without even allowing being heard and also without providing any ‘Forensic Audit Report’, which is the sole basis of the said declaration.
However, Mr Bhagavathula Venkat Ramana, the Petitioner who sought the Anticipatory Bail, stated that all the allegations, in this case, are false.
Adding to this, Ramana also stated that he has nothing to do with the said case and allegations as they are false and baseless and that he hails from a respectable family and is not involved in any crime, including the said crime.
On the other hand, the Enforcement Directorate, Hyderabad, stated that in the said case, a huge amount of about Rs.1747.45 crores has been laundered.
Also, since the offences in the stated First Information Report are punishable offences under the PML Act, the Directorate of Enforcement has started the investigation under the due process of law.
Adding to this, the Enforcement Directorate also stated that the Petitioner is involved in this case of Money Laundering as there are some suspicious transactions involving Petitioner.
After listening to both sides, the Single Bench of Justice Shameem Akther observed that granting Anticipatory Bail at this stage of investigation may create problems for the concerning authorities to interrogate the accused, who can hamper the evidence.
In the end, the Court stated that interrogation might fail if the accused is aware of the fact that he is protected by the order of the Court and thus denied the Anticipatory bail.
Also Read: Procedure for Search under the Prevention of Money Laundering Act, 2002
A brief study on Prevention of Money Laundering Act, 2002
The Prevention of Money Laundering Act, 2002 (PMLA): Constitution & Jurisdiction
