Delhi HC grants bail to Raghav Magunta in excise policy case

New Delhi, Aug 11

The Delhi High Court has granted bail to Raghav Magunta, the son of YSR Congress MP Magunta Srinivasulu Reddy, in a money laundering case related to the now-scrapped excise policy.

Justice Dinesh Kumar Sharma, who had previously given him interim bail, noted that the Enforcement Directorate did not object to the bail request.

The ED mentioned in their response that the accused is actively cooperating in the investigation and helping to locate the Proceeds of Crime, which would have been challenging otherwise.

"Learned senior counsel for the petitioner submits that since the bail application is not being opposed by Public Prosecutor, the twin conditions as prescribed by Section 45 (1) (ii) of PMLA will not be applicable," the court order on Thursday read.

"In view of the statement made and the facts narrated herein above, the interim bail granted vide order dated July 17 for four weeks on medical grounds is made absolute.

"Zoheb Hossain, learned Special Counsel for ED has also submitted that ED has given concession in the present case only on the peculiar facts and circumstances of the present case and this order may not be taken as a precedent," the order added.

Justice Sharma further said that it was a matter of the record that the affidavit filed by the ED is only on the peculiar facts and circumstances and therefore this order may not be taken as a precedent for benefit of other accused persons and may also not be taken as a precedent in any other case.

"Let the petitioner be released on regular bail on furnish a personal bond of Rs. 2,00,000 (Rupees Two Lakhs) with two sureties of like amount to the satisfaction of the learned trial court."

However, Justice Sharma also imposed certain conditions.

Raghav Magunta has been asked to appear before the ED’s Chennai or Delhi office, whenever called.

“He shall not leave India without permission of the trial court. He shall surrender passport before the trial court within two days,” the judge said.

Raghav Magunta was arrested in February under the Prevention of Money Laundering Act (PMLA).

The ED has alleged that he was involved in various activities of possession, use, transfer, etc. of the proceeds of crime worth at least Rs 180 crore.

According to the ED's charge sheet, a part of the alleged Rs 100 crore kickback generated in the crime was used in the Goa Assembly election campaign of the Aam Aadmi Party.

Based on the Central Bureau of Investigatio's FIR, the ED's money laundering case arose.