Rs 250 cr money laundering scam
Excelsior Correspondent
JAMMU, Dec 18: Special Judge CBI Srinagar S C Katal today rejected the bail application of Mohammad Shafi Dar, former Chairman J&K Co-operative Bank and Hilal Ahmad Mir, the Chairman of the River Jhelum Cooperative Housing Building Society in Rs 250 crore money laundering scam.
After hearing both the sides, the Special Judge observed, “while granting bail the court has to keep in mind the nature of accusations, the nature of evidence in support thereof, the severity of the punishment which conviction will entail, the character of the accused, circumstances which are peculiar to the accused, reasonable possibility of securing the presence of the accused at the trial, reasonable apprehension of the witnesses being tampered with”.
“Keeping in view the gravity of economic offences and in view of the bar under Section 45 of the PMLA, this court considered that at this stage of investigation it is not appropriate to release the petitioner on bail. Both bail application stands were rejected”, the court said.
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