Allahabad High Court Denies Bail To Alleged PFI Leader Accused Of Collecting Over ₹20 Crore For Unlawful Activities

The bench of Justice Rajesh Singh Chauhan rejected the bail plea today. A detailed copy of the order is awaited.

It may be noted that the ED raided Peediyakkal’s residence as well as the Munnar Villa Vista Project (MVVP) site in December 2021 wherein it found several discrepancies in the receipt of suspicious foreign funds from abroad and also in cash expenses incurred and recorded in the books of accounts.

Thereafter he was arrested and the Enforcement Directorate (ED) filed a chargesheet against him and his co-accused under the Prevention of Money Laundering Act (PMLA) before the Special PMLA Court in Lucknow.

The chargesheet filed by the ED states that they hatched a conspiracy to raise funds in India as well as abroad for the purpose of using the same for PFI’s unlawful activities.

The ED has also alleged that Peediyakkal was the largest shareholder of the Munnar Villa Vista Project (MVVP), which was set up allegedly with the motive to launder money collected from abroad and in India.

In the ED’s chargesheet, it has also been alleged that he owned some other companies as well and they were being used to collect funds to be utilized for the PFI’s activities.

Complete details of the case here: 'Proceed Of Crime In Crores, Can't Claim Parity With Co-Accused Siddique Kappan': Allahabad HC Denies Bail To PFI Leader In PMLA Case

Appearances

Counsel for Applicant: Pranav Agarwal

Counsel for Opposite Party: Kuldeep Srivastava, Shiv P. Shukla

Case title - Abdul Razak Peediyakkal vs. Union Of India Enforcement Directorate Thru.Assistant Director [CRIMINAL MISC. BAIL APPLICATION No.7719 of 2022]

Case Citation: 2023 LiveLaw (AB) 58

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