SHRI. SATHEESH KUMAR P. Vs. ASSISTANT DIRECTOR

JUDGEMENT

(1.) These Bail Applications are filed under Sec. 483 of Bharatiya Nagarik Suraksha Sanhita (for short, BNSS).

(2.) Petitioners are the accused in Crime No.ECIR/KCZO/45/2021, which was registered by the Enforcement Directorate, Kochi, for allegedly committing the offences under Sec. 3 read with Sec. 17, which is punishable under Sec. 4 of the Prevention of Money Laundering Act, 2002 (for short, Act 2002).

(3.) The prosecution case in brief is that, from 2014 to 2020, accused Nos. 1 to 6 sanctioned and disbursed multiple loans from the Karuvannur Service Co-operative Bank (for short, Bank), to the same person, against the loan limits set by the Bank, by accepting the title deeds of the same property as collateral security and have forged the membership records of the Society and including persons who are not members of the Society. The accused had furnished false addresses, manipulated the software of the computer system, and disbursed loans in the names of property owners without their knowledge or consent. The accused persons had also manipulated the inventory of the supermarket run by the Bank. Consequently, the accused cheated and misappropriated an amount of Rs.100.00 Crores from the Bank, is the prosecution case. The first informant filed a complaint before Irinjalakkuda Police Station and Crime No.650/2021 was registered, alleging offences punishable under Ss. 406, 420, 409 and 465 read with Sec. 34 of the Indian Penal Code (for short, IPC). Subsequently, the case was transferred to the Crime Branch and was re-registered as Crime No.165/2021. The Dy.S.P., Crime Branch, Thrissur, informed the Deputy Director of Enforcement Directorate, Kochi about the details of the accused and the status of the crime. As Sec. 420 IPC is a scheduled offence under Sec. 2(1)(x) and 2(1)(j) of the Act 2002, enquiries were initiated against the accused persons after recording the facts of the scheduled offence and ECIR No.KCZO/45/2021 dtd. 2/8/2021 was registered. It is alleged that by committing the above criminal activity, the accused obtained and possessed the proceeds of the crime, laundered and projected the proceeds of the crime as untainted money as defined under Ss. 2(1)(u) and 2(1)(v) of the Act 2002. The proceeds of the crime generated, acquired, possessed and concealed by the accused persons are now being projected and claimed as untainted money and properties. Thus it is alleged that the accused committed the above offences. Subsequently, the complaint was filed and the case is now pending before the Additional Special Court Judge (SPE/CBI)- III, Ernakulam, which is the Special Court for trial of the offences under the Act 2002. The case is numbered as SC PMLA 04/2023. The petitioners seek bail under Sec. 483 of BNSS in these bail applications.