MONEY LAUNDERING: Jail is rule, bail is exception, says high court

MONEY LAUNDERING: Jail is rule, bail is exception, says high court
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The Lucknow bench of Allahabad high court has ruled that for money launderers jail is the rule and bail is an exception, while rejecting the anticipatory bail application of a person facing charges under the Prevention of Money Laundering Act (PMLA), 2002

A single judge bench of Justice Krishan Pahal on March 21 observed: “Money laundering being an offence is economic threat to national interest and is committed by white collar offenders, who are deeply rooted in society and cannot be traced out easily.”

“These kinds of offences are committed with proper conspiracy, deliberate design, with motive of personal gain, regardless of consequences to the society and economy of the country. Hence, for money launderers, jail is the rule and bail is an exception,” said the court.

“On prima facie reading of the material placed on record, and considering the parameters of section 54 (1) PMLA as well as the gravity of the alleged offences, it cannot be held that the applicant was not guilty of the alleged offences, or that he was not likely to commit any such offence while on bail and, accordingly, the bail application is dismissed,” added the court.

THE CASE

The applicant (for anticipatory bail) Anirudh Kamal Shukla and his brother had conspired with the branch manager (credit), Bank of India, and others to avail eight housing loans on basis fake documents.

These loan accounts turned NPA in the name of non-existent borrowers causing loss of ₹1.17 crore to the bank.

The Enforcement Directorate had filed an Enforcement Case Information Report (ECIR) in the case at its Lucknow office on August 26, 2010.

The accused had also moved an anticipatory bail application before the special judge, PMLA court, Lucknow, which was rejected on January 7, 2022.

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