ANKIT AGARWAL Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) The present bail application has been filed by the petitioner under Section 438 read with Section 482 Cr.P.C. seeking anticipatory bail in case bearing ECIR No. DLZO-I/43/2021, Under Section 3 R/w Section 4 of the Prevention of Money Laundering Act, 2002 in CC No. 17/21 titled as "Directorate of Enforcement Vs. Amrendra Dhari Singh and Others".

(2.) Briefly stated, the facts of the case are that a charge-sheet in the form of complaint was filed by the ED wherein it was alleged that a CBI case was registered vide RC 221/2021/E/0009 on 17.05.2021 U/s 120B, 420 IPC and Sec. 13(1)(d) r/w Sec. 13(2) of the Prevention of Corruption Act, 1988 (hereinafter referred to as PC Act) against accused Amarendra Dhari Singh and other accused persons.

(3.) Accused Amarendra Dhari Singh was a Senior Vice President of M/s Jyoti Trading Corporation, at the relevant time. The accused persons named in the CBI case entered into a criminal conspiracy during 2007 to 2014 and cheated and defrauded IFFCO and Indian Potash Limited. (IPL), the share holders of those entities and the Government of India by fraudulently importing fertilizers and other materials for fertilizer production at inflated prices and claimed higher subsidy from Government of India causing loss of several crores of rupees. They allegedly siphoned off the commission received from the suppliers through a complex web of fake commercial transactions through multiple companies owned by the accused persons, registered outside India in order to camouflage the fraudulent transactions.