The Delhi High Court has granted bail to the stock broker from Mumbai named Chandra Prakash Khandelwal, who is accused in the money laundering case connected to the PACL chit-fund scam.
Justice Yogesh Khanna in his order of February 21, had said that transactions alleged under money laundering have not been identified by the Central Bureau of Investigation (CBI) while the probe was taking place..
The Court also said that the main accused in the offence of money laundering have either been granted bail or have not been arrested till date.
It was further said ED had not accused several entities and individuals, who were the alleged intermediary layers between PACL and the petitioner.
The Court also said that after considering the order dated 03.09.2020 where all remaining co-accused in this ECIR were admitted to bail, the petitioner has passed the test of broad probabilities.
It added further that the twin conditions of Section 45 (supra) do not put an absolute restraint on grant of bail or require a positive finding qua guilt.
As per Enforcement Directorate, Khandelwal was involved in dealing with proceeds of crime which are connected with PACL, in transferring of funds from PACL through various companies and in purchasing properties out of the said funds.
After analyzing the case, the bench ordered Khandelwal to be released on bail on his executing a personal bond of ₹25 lakhs with one surety for the like amount.
The post Delhi High Court grants bail to accused Chandra Prakash Khandelwal in PACL chit-fund scam appeared first on India Legal.
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