MANAGING DIRECTOR, IL&FS Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) The applicant is seeking his release on bail in relation to an offence under the Prevention of Money Laundering Act , 2002.

(2.) Heard the learned senior counsel Mr.AHH Ponda for the applicant and Mr.Venegaonkar for the Directorate of Enforcement, Mumbai. ECIR bearing No.ECIR/MBZO- 1/2/2019 was registered by the Directorate of Enforcement, Mumbai. The Assistant Directorate, PMLA filed a complaint in the designated Court for the Prevention of Money Laundering Act , 2002 under Sections 44 and 45 of the PMLA for commission of the offence of Money Laundering as defined under Sections 3 and punishable under Section 4 of the said Act. On 31st August 2019, the designated Court took cognizance of the complaint and issued summons to the accused persons. The case was then numbered as Case No.6 of 2019. The applicant is one of the accused who has been alleged to have indulged in money laundering according to the said complaint.

(3.) Learned counsel Shri Ponda appearing for the complainant would urge that the applicant is a sexagenarian and is a qualified Civil Engineer who had joined the Infrastructure Leasing and Financial Services Ltd (hereinafter referred to as 'IL&FS'). He was sent to deputation to the IL&FS Transportation Networks Limited (ITNL). He came to be appointed as Managing Director of ITNL and continued on the said post till he was asked to tender his resignation in October 2018.