These Bail Applications are filed under Section 483
of Bharatiya Nagarik Suraksha Sanhita (for short, BNSS).
2. Petitioners are the accused in Crime
No.ECIR/KCZO/45/2021, which was registered by the
Enforcement Directorate, Kochi, for allegedly committing the
offences under Section 3 read with Section 17, which is
punishable under Section 4 of the Prevention of Money
Laundering Act, 2002 (for short, Act 2002).
3. The prosecution case in brief is that, from 2014 to
2020, accused Nos. 1 to 6 sanctioned and disbursed multiple
loans from the Karuvannur Service Co-operative Bank (for
short, Bank), to the same person, against the loan limits set by
the Bank, by accepting the title deeds of the same property as
2025:KER:26665
Bail Appl. Nos.593 & 802 of 2025
collateral security and have forged the membership records of
the Society and including persons who are not members of the
Society. The accused had furnished false addresses,
manipulated the software of the computer system, and
disbursed loans in the names of property owners without their
knowledge or consent. The accused persons had also
manipulated the inventory of the supermarket run by the Bank.
Consequently, the accused cheated and misappropriated an
amount of Rs.100 Crores from the Bank, is the prosecution
case. The first informant filed a complaint before Irinjalakkuda
Police Station and Crime No.650/2021 was registered, alleging
offences punishable under Sections 406, 420, 409 and 465 read
with Section 34 of the Indian Penal Code (for short, IPC).
Subsequently, the case was transferred to the Crime Branch
and was re-registered as Crime No.165/2021. The Dy.S.P.,
Crime Branch, Thrissur, informed the Deputy Director of
Enforcement Directorate, Kochi about the details of the
accused and the status of the crime. As Section 420 IPC is a
scheduled offence under Section 2(1)(x) and 2(1)(j) of the Act
2025:KER:26665
Bail Appl. Nos.593 & 802 of 2025
2002, enquiries were initiated against the accused persons
after recording the facts of the scheduled offence and ECIR
No.KCZO/45/2021 dated 02.08.2021 was registered. It is
alleged that by committing the above criminal activity, the
accused obtained and possessed the proceeds of the crime,
laundered and projected the proceeds of the crime as untainted
money as defined under Sections 2(1)(u) and 2(1)(v) of the Act
2002. The proceeds of the crime generated, acquired,
possessed and concealed by the accused persons are now being
projected and claimed as untainted money and properties. Thus
it is alleged that the accused committed the above offences.
Subsequently, the complaint was filed and the case is now
pending before the Additional Special Court Judge (SPE/CBI)-
III, Ernakulam, which is the Special Court for trial of the
offences under the Act 2002. The case is numbered as SC
PMLA 04/2023. The petitioners seek bail under Section 483 of
BNSS in these bail applications.
[ad_1]
Source link