A special PMLA court in Mumbai denied bail on medical grounds to Amar Mulchandani, former chairman of a Pune-based cooperative bank, in a money laundering case linked to alleged fraud and misappropriation of funds worth ₹429 crore.
M. G. Deshpande, the special judge for cases under Prevention of Money Laundering Act (PMLA), on January 2 denied bail to Mulchandani after observing that any liberty under the guise of medical treatment at Pune will certainly accelerate the criminal activities relating to the scheduled offence.
The Enforcement Directorate is making further investigation as per the provision of the Prevention of Money Laundering Act and there is a possibility of the applicant (accused) dealing with POC (proceeds of crime) and ultimately paralysing further investigation of the ED, the court said in the order made available on Friday.
