Calcutta HC Denies Bail in Alleged Shell Company Fund Diversion Case Under Section 45 PMLA

Kuldeep Rai Sharma Vs Directorate of Enforcement (Calcutta High Court) The Calcutta High Court considered a bail application filed in proceedings initiated by the Directorate of Enforcement under the Prevention of Money Laundering Act (PMLA) arising from alleged fraudulent sanction and diversion of loans amounting to ₹11.60 crores. The petitioner contended that he had been falsely implicated and that the ingredients of offences under Sections 420, 409, 406, 467, 468 and 471 of the IPC were absent. It was argued that no evidence demonstrated receipt or transfer of funds to his account or that...