₹915 Crore Money Laundering Case: Special PMLA Court Grants Bail to Businessman [Read Notification]
The bail was granted under the recently amended BNSS provisions of the PMLA, which aim to make bail conditions less rigid
Money Laundering Case – PMLA – PMLA Court – Prevention of Money Laundering Act – TAXSCAN
Money Laundering Case – PMLA – PMLA Court – Prevention of Money Laundering Act – TAXSCAN
A Special court for Prevention of Money Laundering Act ( PMLA ) granted bail to a businessman involved in a ₹915 crore money laundering case, citing the amended provisions under the Bail Not So Stringent (BNSS) framework.
The businessman was accused of laundering ₹915 crore through a network of shell companies and fake transactions. The Enforcement Directorate (ED) alleged involvement in activities violating PMLA, including proceeds of crime generation and their placement in legitimate financial systems.
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The bail was granted to Vinod Chaturvedi, Managing Director of Usher Agro Limited, in a money laundering case, citing the Bharatiya Nagarik Suraksha Sanhita (BNSS) as a “material change in circumstances.” Chaturvedi was arrested in September 2020 in connection with an alleged multi-crore bank fraud.
The ED claimed that the proceeds of crime have been identified and quantified to the tune of Rs 915.65 crore, alleging the use of 15 shell companies and bogus transactions with Dewan Housing Finance Corporation group firms.
The applicant argued that the enactment of BNSS in April 2024 constituted a “material change in circumstances.” He contended that the BNSS provisions differ significantly from the Criminal Procedure Code (CrPC), particularly in granting bail and addressing custody of undertrial prisoners.
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A single bench of AC Daga observed that Chaturvedi had already served three years and two months in custody, exceeding one-third of the maximum sentence under the PMLA. It was found that there is delay in commencement of the trial, and the accused has nearly completed half of the maximum term.
The bail was granted under the recently amended BNSS provisions of the PMLA, which aim to make bail conditions less rigid.
The court noted that the prosecution failed to establish that the accused posed a risk of tampering with evidence or fleeing justice. The amended BNSS provisions under PMLA aim to prevent misuse of stringent bail laws, ensuring individuals are not penalized excessively during the investigative process.
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