VIKRAM KUMAR SETH Vs. DIRECTORATE OF ENFORCEMENT, JALANDHAR

JUDGEMENT

(1.) Through this petition, the petitioner seeks regular bail in case bearing ECIR No.JLZO/ECIR/03/2017 dtd. 7/11/2017, registered under Sec. 3 punishable under Sec. 4 of Prevention of Money Laundering Act 2002 (for brevity, 'PML Act').

(2.) Learned counsel for the petitioner have submitted that on 30/3/2021, the petitioner had tested Covid positive, due to which, he could not appear before the respondent-ED; that the present case is based on assumptions and presumptions; that the properties of the petitioner were attached by the the respondent-ED, and the said action is under challenge by the petitioner before the Adjudicating Authority, New Delhi; that the petitioner was arrested on 26/7/2021 on the pretext of not cooperating with the Enforcement Directorate and that he did not make himself available for investigation. It is further submitted that the petitioner had made himself available to the agency as and when called upon to do so and got his statement recorded nearly 4-5 times from 2019. It is also contended that the petitioner had already entered a compromise with the Bank and had paid an amount of Rs. .002.5 crore to the Bank and in proportion to the amount, the Bank has vacated the charge on the respective properties and also issued NOCs regarding it. Still further, it is contended that the petitioner has been in custody since 26/7/2021 and there is no rational justification in retaining the petitioner behind the bar, as an under-trial. On this premise, the learned counsel pray that the petitioner be released on bail.

(3.) Learned counsel for the petitioner while referring to the judgment of a Coordinate Bench of this Court in CRM-M-51885-2021 - Sukhpal Singh Khaira Vs. Assistant Director, Directorate of Enforcement, decided on 27/1/2022, contends that the case of the petitioner is on the similar footing and, thus, prays for release of the petitioner on regular bail.