ISMAIL CHAKKARATH Vs. UNION OF INDIA

JUDGEMENT

(1.) This is an application for regular bail filed by the petitioner/accused No.1 in ECIR No.KZSZO/02/2023 registered by the Enforcement Directorate, Kozhikode Sub Zone.

(2.) The petitioner is alleged to have committed the offences punishable under Ss. 3 and 4 of the Prevention of Money Laundering Act, 2002 (for short, 'PMLA').

(3.) The petitioner is an NRI conducting business in Qatar in the name and style of M/s Grand Mart Trading. The Kulavallur Police registered a crime against the petitioner on 12/1/2023 as Crime No.25/2023 under Ss. 406 and 420 of the Indian Penal Code (for short, IPC). It was registered pursuant to a complaint filed by M/s United Bank Ltd., Qatar, through its power of attorney holder, Mr. Jolly Malayil, CEO of M/s Neil Debt Collections. The Crime was subsequently transferred to the Crime Branch, Economic Offences Wing (EOW), Kannur and Kasaragod Units, Kerala, which re-registered it as Crime No.976/2023 on 11/4/2023. The allegation in the FIR is that the petitioner obtained a loan from United Bank Ltd., Qatar of QAR 30,643,204 (equivalent to INR 61,28,64,080/-) on 14/3/2017 ostensibly for the expansion of his business operation in Qatar, wilfully defaulted on its repayment, misused and diverted the funds to India through illicit channels and thus cheated the bank. The alleged diversion of funds and the failure to fulfil the obligations of repayment were stated to constitute a deliberate and wilful act of deception and fraudulent intent on the part of the petitioner. The conduct of the petitioner was alleged to have resulted in a wrongful loss to the Bank and an unlawful gain to him. The petitioner was granted pre-arrest bail in the said crime by this Court. The investigation into the said crime is still going on, and the final report is yet to be filed.