The single bench in the case observed that upon going through the evidence which includes the amounts of money and assets, jewellery seized from Chatterjee and co-accused Arpita Mukherjee denied the bail application.
The court held that that, this court have taken into account the materials available in the instant case, particularly, the seizures, which were effected both in respect of the movable and immovable assets, the consistent version of the witnesses under section 50 of the Prevention of Money Laundering Act, PMLA as well as the corroborating materials which establishes the relationship between Partha Chatterjee and Arpita Mukherjee, which demonstrates trust, faith and confidence from both the sides, as the petitioner is the nominee in the bank account and insurance policies and the immoveable properties which have been purchased through different companies were in the name of Ms. Arpita Mukherjee. Therefore, the statement which points to the cash seizures and jewellery from the two flats does not at this stage create any circumstance in favour of the petitioner to overcome the twin conditions as stated under Section 45 of Prevention of Money Laundering Act, PMLA.
This story is from the May 04, 2024 edition of The Business Guardian.
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This story is from the May 04, 2024 edition of The Business Guardian.
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