Prevention of Money Laundering Act, 2002, Section 65 - Criminal Procedure Code, 1973, Sections 482 and 167(2)(a)(ii) - Default bail -

MONEY LAUNDERING-DEFAULT BAIL

Prevention of Money Laundering Act, 2002, Section 65 - Criminal Procedure Code, 1973, Sections 482 and 167(2)(a)(ii) - Default bail - Allegations of siphoning off funds received from home buyers to group companies, diverting funds for land purchases, and hiding assets through backdated loan agreements - Alleged that the petitioner was directly involved in these activities and is guilty of offenses - Plea that complaint was premature as the investigation was incomplete - It is found that petitioner was the main decision-maker at the material time i.e., when the offence was committed - After commencement of the proceedings before the NCLT, the petitioner transferred prime rent earning properties worth Rs.40 crores to his family trust under the guise of fake and back-dated loan agreements - Held, investigation against the petitioner is complete, as evidenced by the filing of the complaint - Complaint was filed within the stipulated period, and the ongoing investigation does not invalidate it - No merit - Petition dismissed. (Delhi) [DocId#2515288]