RAM BABU SHANDILYA Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard learned counsel for the petitioner and learned counsel for the Directorate of Enforcement.

(2.) The petitioner has prayed for bail in connection with Special (Trial) PMLA Case No. 02 of 2025 arising out of ECIR No. PTZO/05/2024 registered for the offence punishable under Ss. 44 and 45 of the Prevention of Money Laundering Act defined under Sec. 3, punishable under Sec. 4 and confiscation of properties under Sec. 8(5) of PMLA.

(3.) The case of the prosecution, in short, is that the petitioner was accused in one FIR No. 439 of 2023 dtd. 30/8/2023 registered in P.S. Kotwali, Ghazipur in connection with Poorvanchal Cooperative Bank, Ghazipur regarding fraud of Rs.30.00 crores. The petitioner has been made accused in ECIR No. PTZO/05/2024 dtd. 18/3/2024 relying upon three FIRs, namely, 1. FIR bearing no. 933 of 2023 dtd. 18/11/2023 of Nagar P.S. Vaishali, under Ss. 409, 420, 467, 468, 471 and 120B of the Indian Penal Court (in short 'IPC'), 2. FIR bearing no. 629 of 2023 dtd. 13/3/2023 of Nagar P.S. Vaishali, under Ss. 379 and 420 of the IPC and 3. FIR bearing no. 785 of 2023 dtd. 30/9/2023 of Nagar P.S. Vaishali, under Ss. 409, 420, 467, 468 and 471 of the IPC embezzlement of public money to the tune of Rs.83.50 crores from Vaishali Shahari Vikash Co-operative Bank Ltd. (hereinafter referred to as VSV) through 383 fraud loan accounts by using fake/forged warehouse/LIC receipts and by revising of existing lending policy of the bank where various lending terms diluted including KYC compliance, CIBIL score, lending rates, loans against deposits review process, exposure limit, CC limits etc. It is further case of the prosecution that the main allegation against the petitioner is that he has been guilty of 1. Connivance with his son-in-law Vipin Tiwary in layering, laundering and concealment of Procees of Crime (in short 'POC') of Rs.1.62 crores generated by committing fraud in VSV Bank and 2. His denial of intimacy with Sanjeev Kumar and Nitin Mehra, which led the ground for recording ECIR/PTZO/05/2024 and reason to believe which turned into his arrest by Assistant Director, Directorate of Enforcement, Govt. of India, Patna Zonal office u/s 19 of Prevention of Money Laundering Act, before lodging complaint under the said act.