The special PMLA court in Mumbai denied bail to HDIL promoters Rakesh and Sarang Wadhawan, who have been in jail since 2019 in connection with the Punjab and Maharashtra Co-operative (PMC) Bank case. The court emphasized their deep-rooted involvement in money laundering, citing the total proceeds of crime amounting to Rs 6,117.9 crore. Despite the promoters invoking Section 436-A of the Criminal Procedure Code, which allows bail for undertrials detained for over half of the prescribed sentence, the judge rejected the plea, noting their suppression of facts regarding the time spent on various legal proceedings.
In a significant legal development, HDIL promoters Rakesh and Sarang Wadhawan, incarcerated since 2019 in connection with the Punjab and Maharashtra Co-operative (PMC) Bank case, faced a setback as a special Prevention of Money Laundering Act (PMLA) court in Mumbai dismissed their plea for bail. The father-son duo, seeking release on the grounds of spending more than half the stipulated sentence period as undertrials, found their request rebuffed by the court. The judge underscored the rejection of their earlier bail pleas as indicative of their entrenched involvement in money laundering, emphasizing the colossal proceeds of crime amounting to Rs 6,117.9 crore.
Special Judge M G Deshpande underscored the gravity of the situation, stating, that the process of identification of total proceeds of crime is still ongoing. He further emphasised that the case in hand deals with the miss management of over Rs 6,000 crores of public money that was entrusted in PMC Bank and therefore must be delt with care.
The promoters invoked Section 436-A of the Criminal Procedure Code (CrPC), which allows an undertrial to seek bail if they have spent over half of the maximum prescribed punishment for the crime. However, the judge expressed dissatisfaction with their plea, emphasizing that as per the explanation of Section 436A, the period of detention resulting from delays caused by the accused in legal proceedings must be excluded.
Pointing to the timeline of their legal actions, the judge highlighted that from July 14, 2020, until March and May of the current year, the Wadhawans filed bail pleas, challenging subsequent orders before the Bombay High Court and the Supreme Court. During this period, the court couldn't frame charges against them, which the judge argued should be excluded while calculating the one-and-a-half period contemplated by Section 436-A.
The court's decision signifies a continuation of the legal challenges for the HDIL promoters, who have been entangled in legal proceedings since their initial arrest in 2019. The rejection of bail adds to the complexities of their case, emphasizing the court's focus on the substantial amount involved in the alleged money laundering activities and the ongoing process of identifying the total proceeds of crime.
As the legal saga unfolds, the fate of the HDIL promoters remains uncertain, with the court emphasizing the need for transparency and adherence to legal procedures in light of the grave implications for public money entrusted in PMC Bank. The dismissal of their bail plea underscores the complexities of financial crimes, the legal intricacies surrounding such cases, and the challenges faced by those accused in navigating the legal system.
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