Punjab & Haryana High Court Grants Bail To Person Booked Under PMLA For Allegedly Defrauding Bank Of Rs 155 Crore

The Punjab and Haryana High Court has granted bail to a person booked in a case under Prevention of Money Laundering Act for defrauding a bank of Rs.155 Crore.

“The possibility of the accused influencing the investigation, tampering with evidence, intimidating witnesses, and the likelihood of fleeing justice, can be taken care of by imposing elaborate and stringent conditions," Justice Anoop Chitkara said in a brief order.

It is alleged that the petitioner defrauded the bank to the tune of Rs.155.21 Crores. According to the probe agencies, he signed the document of acceptance and payment of DP bills which reflects the unauthorised amended amount of LC. He also allegedly forged bills of entry submitted to the OBC against LCs.

Justice Chitkara noted that the petitioner has been in custody since May 23, 2022.

Given the pre-trial custody, coupled with the prima facie analysis of the nature of allegations, and the other factors peculiar to this case, there would be no justifiability for further pre-trial incarceration at this stage, subject to the compliance of terms and conditions mentioned in this order, said the court.

"Furthermore, the petitioner is a first offender, and one of the relevant factors would be to provide an opportunity to course- correct," it added.

Case Title: Ashok Kumar Mittal v. CBI & another

Senior Advocate Vikram Chaudhri, with Advocates Keshavam Chaudhri, Parvez Chaudhary, Advocate, Hargun Sandhu, and Sajal Bansal appeared for the petitioners.

Rajeev Anand, Advocate for the respondent-CBI. Satya Pal Jain, Addional Solicitor General of India with Lokesh Narang, Senior Panel Counsel for respondent-ED.