PMLA 2002: SC Grants Bail To Accused Who Spent 3 Years In Jail

The Supreme Court of India, on September 23, granted bail to an accused under the the Prevention of Money Laundering Act 2002 (PMLA) who had spent 3 years in prison.

Bench of Chief Justice of India UU Lalit and Justice S Ravindra Bhat heard an appeal which challenged the Judgment and Order of 2020 passed by the Bombay High Court.

The appellant was accused of having committed offences punishable under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 (PMLA). The scheduled or predicate offence in the instant case pertained to (a) offences under Section 120-B read with Sections 409, 467, 468 and 471 of the Indian Penal Code 1860 (IPC) and offences under Section 447 of the Companies Act, 2013, read with Section 120B and Section 420 of the Indian Penal Code.

In the instant case, the appellant was taken into custody on 19.06.2019 and remained in custody since then. Thus, the appellant has completed more than three years of actual custody in connection with the offence in respect of the PMLA.

The Court noted that, "It has been brought to our notice that Accused Nos. 2, 3, 4 and 7 have not yet been arrested and though the cognizance in the matter has been taken, charges are yet to be framed."

The Court further observed that, "Considering the entirety of the matter and the fact that the appellant is a senior citizen, in our view, the appellant is entitled to the relief of bail."

The Court therefore, in view of incarceration for three years, granted bail to the accused.