RAMAN KUMAR GARG Vs. ENFORCEMENT DIRECTORATE

JUDGEMENT

(1.) The present petition has been filed under Section 439 Code of Criminal Procedure for grant of regular bail to the petitioner in case ECIR No. 06 dated 14.08.2013 registered for the offences punishable under Sections 3 and 4 of the Prevention of the Money Laundering Act, 2002 at Zonal Office, Jalandhar.

(2.) Heard.

(3.) Learned counsel for petitioner submits that respondent arrested the petitioner on 210.2017 on the allegation that he had taken wrong refund of Rs. 1,56,00,000/- under the Punjab VAT Act, 2005. Complaint against petitioner has been filed. The maximum sentence prescribed for the offences punishable under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 is seven years. All the account books and bank statements have already been taken into possession by the respondent and they have also attached the property of petitioner worth Rs. 10 crores and their 1 of 3 interest is secured. The case is based on documentary evidence. The conclusion of trial will take considerably long time and no purpose will be served by keeping the petitioner in custody.