Delhi High Court Denies Bail in Rs 48,000 Crore Money Laundering Case

The Delhi High Court on Monday refused anticipatory bail to Barinder Kaur, daughter of PACL promoter Nirmal Singh Bhangoo, in a major money laundering case involving an alleged Rs 48,000 crore Ponzi scheme. Her conduct during the investigation was deemed inadequate to merit such relief, the court observed.

Kaur sought protection from arrest amid ongoing proceedings by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act. The scheme allegedly defrauded numerous investors, with funds reportedly diverted through various, including international, entities to acquire assets.

The ED accused Kaur of links to entities receiving the proceeds of crime, including rental incomes from properties associated with PACL funds, and involvement in suspect transactions. The court noted contradictions in affidavits and statements given by the petitioner, suggesting possible obstruction of the investigation.

Kaur argued her non-involvement in early investigation stages and highlighted her previous bail in related cases. She insisted on her cooperation during interim protection. However, the ED alleged she was evasive, influenced witnesses, and hindered evidence recovery during search proceedings, necessitating custodial interrogation.

Justice Girish Kathpalia emphasized the necessity for a stricter approach to economic offenses like money laundering, denying anticipatory bail and highlighting Kaur's non-cooperation and the serious nature of the offenses. The court affirmed the importance of custodial questioning to trace assets and recover investors' funds, marking anticipatory bail an exceptional measure.