In Brief
A Chartered Accountant was arrested under the Prevention of Money-laundering Act (PMLA) in connection with a fraudulent Global Depository Receipt (GDR) scheme by Farmax India Limited, involving misappropriation of approximately USD 71 million. The underlying criminal case had remained pending for nine years without filing a final report. The Supreme Court allowed the appellant's bail application, holding that prolonged incarceration without resolution of the predicate offence cannot be justified merely on allegations of involvement in the scheme. The Court granted bail subject to stringent conditions including passport surrender and regular court appearances to address flight-risk concerns.
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