Ajay Yadav Vs Directorate of Enforcement (Delhi High Court)
Delhi High Court held that bail under section 45 of the Prevention of Money Laundering Act, 2002 [PMLA] is granted due to prolonged incarceration/ custody. Accordingly, bail application allowed.
Facts- The present ECIR arises out of FIR registered with CBI on a complaint filed by the then Chief Manager of Punjab National Bank against M/s Sunstar Overseas Ltd. (SOL) and its Directors. As per the FIR, accounts of five banks, namely, PNB, ICICI Bank, IDBI Bank and State Bank of India were declared Non-Performing Assets. It was alleged that SOL had availed various credit facilities from consortium of nine lender banks and had diverted /siphoned off the said loan amount, thereby failing to repay the said loan amounts to the banks. The case of CBI is that SOL, through its Directors/Promoters/employees and others had committed fraud by siphoning off and diverting funds, criminal misappropriation, criminal breach of trust, cheating, fraud etc., thereby causing wrongful loss of approximately Rs. 951.88 crores to the consortium of nine lenders banks.
The present application has been filed u/s. 483 of Bharatiya Nagarik Suraksha Sanhita, 2023 r.w.s. 45 of the Prevention of Money Laundering Act, 2002 on behalf of the applicant Ajay Yadav for grant of bail.
