The Patna High Court has refused to grant bail to an accused charged with the offences under the Prevention of Money Laundering Act and observed that the entire community is aggrieved if the economic offenders, who ruin the economy of the State are not brought to book.
A case under the PMLA Act was lodged against the Chief Manager and other officials of Bank of India, G.B. Road Branch, Gaya on the basis of evidence that bank account in their names or in the name of their firms M/s. Shiva Agro Enterprises and their family members held with Bank of India, G.B. Road Branch, Gaya. These accounts were found as misutilized in connivance with the bank officials and huge amount of cash was deposited and transferred to other bank accounts without their knowledge and consent. After investigation, charges forthe offence punishable under Section 4 of PMLA was filed against twelve accused including the petitioner, Mr. Pankaj Goel.
While considering the bail application by the petitioner, Justice Anjani Kumar Sharan relied on various precedents and observed that “Reverting to the rigor of the twin test under Section 45 of the PMLA, it has to be considered whether the applicant would qualify to get bail. There is no doubt about the complicity of the applicant and there are no reasonable grounds to believe that he is not guilty. However, it should also be considered whether there is a likelihood of the applicant committing any offence while on bail.”
Refusing to grant bail to the petitioner, the Court concluded that “The entire community is aggrieved if the economic offenders, who ruin the economy of the State are not brought to book. A murder may be committed in the hit of moment upon passions being aroused. An economic offence is committed with cool calculation and deliberate design with an eye on personal profit regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even handed manner without fear of criticism from the quarters which view white collar crimes with a permissive eye unmindful of the damage done to the National Economy and National Interest.”
Pankaj Goel Director M/s Sanjog Steels Pvt. Ltd. VS The Union of India
CITATION: 2022 TAXSCAN (HC) 111
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