- (1.) The petitioner seeks concession of pre-arrest bail in a complaint which has been filed by respondent No.2 under Prevention of Money Laundering Act, 2002 (for short "the Act") which is an off shoot of FIR No.341 of 2010 registered on 27.11.2010 under Sections 420, 467, 468, 471 and 120 (B) IPC alleging that the petitioner had misappropriated the money of account holders, investors and the stock market. The petitioner was granted the concession of bail by High Court on 28.05.2012 in the said FIR.
(2.) Counsel for the complainant has raised a preliminary objection that in view of the provisions of Section 45 of Act, the petitioner cannot be granted the concession of bail as Section 45 (1) (ii) of the Act provides that no person accused of an offence punishable for a term of imprisonment of more than three years under Part A of the Schedule shall be released on bail or on his own bond unless the Court is satisfied that there are reasonable grounds for believing that he is not guilty of any such offence and that he is not likely to commit any offence while on bail. Counsel for the petitioner has submitted that the provisions of Section 45 of the Act are not applicable to the facts of the present case as the offence is alleged to be punishable under the Prevention of Money and Laundering Act, 2002 which is not covered by the offences which have been described in Part A of the Schedule appended to the Act as amended w.e.f. 03.01.2013. It is submitted by counsel for the petitioner that the un-amended Schedule would be applicable in the present case as the alleged offence in the FIR No.341 of 2010 as mentioned hereinabove, pertains to a period prior to the amendment and that Part A of the Schedule as existing before 03.01.2013 did not include Section 467 of IPC.
(3.) A perusal of the judgment Annexure P3 indicates that the petitioner has been acquitted of the alleged offence under Section 467, 468, 471, 201 and 477-A IPC.;