Naresh Kumar Gulia Vs Directorate of Enforcement and anr. (Jammu & Kashmir High Court)
Jammu Kashmir High Court held that pre-arrest bail application of accused involved in bogus “crypto currency/Emollient Coin” Ponzi Scheme is liable to be dismissed since matter involves heinous offences of economic nature which is being connected with the proceeds of crime.
Facts- Through the medium of the instant petition having been filed under the provisions of Section 482 of Bhartiya Nagarik Suraksha Sanhita, 2023, the petitioner has sought the grant of pre-arrest bail in his favour in respect of the case filed under section 3 & 4 of Prevention of Money Laundering Act 2002, registered with respondent No.1 on the grounds, inter alia that he is a law abiding and peace loving citizen of India having deep roots and commanding great respect in the society.
Conclusion- Held that the petitioner is alleged to be involved in heinous offences of economic nature by being connected with the proceeds of crime. He is alleged to have cheated thousands of people by luring them to part with their hard earned money under the false hope and expectation of high percentage of profit/commission, by dragging them to the bogus “crypto currency/Emollient Coin” Ponzi Scheme. The petitioner is alleged to have absconded during investigation of the case and to have not turned up for cooperation with the investigating agency despite issuance of formal notices under law. The presence of the accused in custody before the Investigating Agency appears to be imperative in the facts and circumstances of the case for the logical and result oriented investigation in the case. Thus, there appears to be no merit in the application which is dismissed.
