Vinay Aranha Granted Bail in Rs 46.5 Crore Money Laundering Case
PUNE: In a significant legal development, Vinay Aranha, a partner of the Pune-based Rosary Education Group, has been granted bail by the Bombay High Court after spending two years in Taloja Central Prison. This decision comes in connection with an alleged Rs 46.5 crore money laundering case being investigated by the Enforcement Directorate (ED).
Judicial Rationale Behind Bail
Justice N J Jamdar, in his ruling, highlighted the Supreme Court’s stance on bail, emphasizing that the absence of a genuine prospect for the commencement and conclusion of a trial under the Prevention of Money Laundering Act (PMLA) is a crucial factor for granting bail. He stated, “The continued detention as an undertrial prisoner infringes the guarantee under Article 21 of the Constitution of India.” This ruling reinforces the principle that “bail is the rule and refusal is an exception,” even in cases involving PMLA.
Bail Conditions and Legal Proceedings
Aranha was released upon furnishing a personal bond of Rs 1 lakh, along with a surety of the same amount. He is required to seek prior permission from the PMLA court in Greater Mumbai before leaving its jurisdiction. His lawyer has already filed an application to modify the bail conditions, allowing him to reside in Pune.
Background of the Case
The ED had arrested Aranha on March 10, 2023, alleging that he failed to repay a loan of Rs 46.5 crore taken from Cosmos Co-operative Bank. The prosecution claims that Aranha aimed to defraud the bank by acquiring a higher loan using forged documents, misrepresenting agricultural property as non-agricultural.
Legal Representation and Defense
During the bail hearing, ED counsel H S Venegaonkar opposed the plea, asserting that Aranha intended to deceive the bank. Conversely, Aranha’s lawyer argued that the ED did not provide written communication regarding the arrest, as mandated by section 19 of the PMLA, contending that no substantial case of money laundering was established against him.
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