Basant and Pankaj Bansal of M3M India Granted Bond Despite Legal Barriers
The Special Judge in Panchkula, Haryana, has accepted bonds for Basant and Pankaj Bansal, promoters of M3M India Private Limited, under Section 88 of the Code of Criminal Procedure. This decision was made despite the restrictions under Section 45 of the Prevention of Money Laundering Act (PMLA), 2002.
The case involves allegations of illegal gratification given to a Special Judge for favorable orders, registered by the Anti-Corruption Bureau in Panchkula, Haryana. On February 23, 2024, the Bansals appeared before the Special Court in compliance with a summons issued on February 20, 2024, and were granted interim protection from arrest.
On July 9, after lengthy arguments from both sides, the Special PMLA Judge accepted the bonds furnished by the Bansals. Advocate Vijay Aggarwal, representing the Bansals, argued that the chargesheet was filed without arrest and that they had cooperated with the investigation. He cited a recent Supreme Court judgment in ‘Tarsem Lal Vs Directorate of Enforcement’ to support his argument.
The Special Public Prosecutor for the Enforcement Directorate opposed this, stating that the Supreme Court judgment should apply prospectively and not benefit the Bansals, as their bail applications were filed before the judgment. The Prosecutor also noted that the Bansals were arrested during the investigation. However, Advocate Aggarwal rebutted, stating that the Supreme Court had declared the arrest illegal, meaning it should be considered as if the Bansals were never arrested.
