Delhi HC grants bail to person arrested by ED under PMLA

New Delhi [India], March 5 : The Delhi High Court on Friday granted bail to a person, who was arrested by the Enforcement Directorate (ED) for his alleged involvement in the offence of money laundering under the Prevention of Money Laundering Act (PMLA) 2002 involving Rs 1000 crores.
The bench of Justice Rajnish Bhatnagar on Friday while granting bail to Sai Chandershekher said, "No material has been placed on record by the respondent / ED to show that anyone on behalf of the petitioner had tried to influence the witness of this case in any manner whatsoever. A vague allegation that the accused may tamper with the evidence or witnesses may not be a ground to refuse the bail."
However, the court also noted that, as per the record, moveable and immovable properties have already been attached, the statement of the witness have also been recorded.
The FIR was registered way back in 2014 and there is nothing to show that the petitioner tried to influence the witnesses or tamper with the evidence.
As per ED, the role of the present petitioner/accused was that he was an employee of M/s Hassad Netherland, BV collided with Virkaran Avasthi to cheat M/s Hassad Netherland. He joined M/s Hassad in September 2009 and was responsible for Hassad's Agri-business, investment in rice, sugar etc. in South-East Asia etc. He has played important role in the business transaction between M/s Bush Foods and M/s Hassad Foods, Chandrasekhar was arrested in October 2020 by the ED.
According to the agency, the complaint was filed against Virkaran Awasty, Ritika Awasty and their company M/s Bush Foods Overseas Pvt. Ltd, besides Sai Chandrasekhar, an employee of the complainant, Hassad Netherlands B V, for the offence of money laundering under Section 3 of PMLA.
According to ED, the investigation was initiated on the basis of an FIR registered by the Economic Offences Wing (EOW) of Delhi Police following a complaint by Hassad Netherlands B V, which alleged that the accounts of M/s Bush Foods Overseas Pvt. Ltd were fabricated. A charge sheet was also filed under sections 409, 420, 468, 471, 477A and 120B of the Indian Penal Code by the EOW.
As per the FIR, the financial statements of M/s Bush Foods Overseas Pvt. Ltd were manipulated by Virkaran and Ritika, along with one Vinod Sirohi by fabricating the books of accounts. "M/s Hassad Netherlands B V was induced by Virkaran and Ritika to part with its funds amounting USD 120 million (approx Rs 750 crore) by misrepresenting the level of stocks/inventory. On the basis of such misrepresentations, Virkaran and Ritika induced M/s Hassad Netherlands B V to provide (a) corporate guarantee for the outstanding amount of Rs 714 crores of credit facilities availed from (the) consortium of banks. Credit facilities were availed by M/s Bush Foods Overseas Pvt. Ltd on the basis of non-existent stocks/inventory. Virkaran received Rs 249.23 crores from M/s Hassad Netherlands B V as part of the deal. Sai Chandrasekhar, an employee of Hassad Netherlands B V, colluded and conspired with Virkaran to cheat the substantial sums of money," the ED said in the statement.
The attached properties include immovable properties worth Rs 6.7 crore of Chandrasekhar in Bangalore and Mumbai and balance in bank accounts to the tune of Rs 29.45 lakh, besides bank balance to the tune of Rs 16.73 lakh of Virkaran/Ritika.
According to the agency, a prosecution complaint was filed against Chandrasekhar, Virkaran, Ritika and M/s Bush Foods Overseas Pvt. Ltd for the offence of money laundering, punishable under section 4 of the PMLA.