Sanjay Raghunath Agarwal vs Directorate of Enforcement

Sanjay Raghunath Agarwal filed an appeal in the Supreme Court after being arrested by the Enforcement Directorate (ED) in connection with a money laundering case under the Prevention of Money Laundering Act (PMLA). The case stemmed from an FIR lodged in 2013, where Agarwal, a Chartered Accountant, was accused of helping Farmax India Limited raise $71.09 million through fraudulent Global Depository Receipts (GDRs). The ED alleged that Agarwal played a key role in misappropriating the funds with the help of others.

Despite the long delay in filing a charge sheet, Agarwal had been in custody since September 2022. The court acknowledged the concern that Agarwal might flee but granted bail, subject to conditions, including the surrender of his passport and regular appearances in court.

This case emphasizes the complexities of financial fraud cases and the judicial balance between prolonged incarceration and ensuring compliance with the law.