MADAN GOPAL CHATURVEDI Vs. DIRECTORATE OF ENFORCEMENT, MUMBAI

JUDGEMENT

(1.) This is an application for bail. The applicant (Accused no 11 ) has been chargesheeted for the offence punishable under sec. 45 read with Sec. 3 and 4 of the Prevention of Money Laundering Act 2002 in PMLA Special Case No. 404/2021 arising out of ECIR/MBZO- I/39/2020. The applicant is a chartered Accountant by profession. The applicant was arrested on 23/1/2021 and since then is in custody barring his release on temporary bail from 6/12/2021 to 1/2/2022.

(2.) The aforesaid case is registered on the basis of a complaint dtd. 19/3/2021 by the first respondent Directorate of Enforcement Mumbai (ED for short ) which in turn is based on an FIR dtd. 23/9/2020 under Sec. 409,420 120-B of IPC and Sec. 13(1) (d) and 13(2) of the Prevention of Corruption Act 1988. The said FIR was lodged by the Central Bureau of Investigation (CBI) Mumbai against officials of Yes Bank and M/s Housing Development and Infrastructure Limited (HDIL). The offence in the FIR is pertaining to alleged conspiracy between the officials of Yes Bank and the officials of M/s HDIL and the misuse of loan by M/s HDIL loans given by Yes Bank between 2011 to 2016 and thereby defrauding the investors.

(3.) The gravamen of the allegations in the complaint are that two office units bearing Nos. 502A and 502B forming part of the building known as Kaledonia at Andheri (East) Mumbai were transferred by registered sale agreements dtd. 29/6/2017 in favour of M/s Viva Holdings (Accused No. 10) which is a partnership firm of Mr. Mehul Thakur (Accused No. 9) for a consideration of Rs.34.36 Crores for which post dated cheques were issued which were never presented for encashment by the Vendors Mack Star Marketing Pvt Ltd. ( Mack Star for short).