Delhi Court Denies Bail to Businessman in ₹48,000 Crore PMLA Fraud Case

A Delhi court has denied bail to businessman Harsatinder Pal Singh Hayer in a ₹48,000 crore money laundering case linked to alleged cheating of investors. The court observed that the allegations against Hayer involve the misappropriation of hard-earned money of gullible investors and that he attempted to destroy electronic evidence. Hayer's bail plea was opposed by the Enforcement Directorate, which argued that he was a Director of two Australian companies that received funds generated from duping investors.

A Delhi court has denied bail to businessman Harsatinder Pal Singh Hayer in a ₹48,000 crore money laundering case linked to alleged cheating of investors. The court observed that the allegations against Hayer involve the misappropriation of hard-earned money of gullible investors and that he attempted to destroy electronic evidence [2]. Hayer's bail plea was opposed by the Enforcement Directorate (ED), which argued that he was a Director of two Australian companies that received funds generated from duping investors [2].

The Special Judge (CBI) Jagdish Kumar rejected Hayer’s bail plea in the money laundering case in view of the nature of allegations levelled against him. The court noted that the accused had allegedly attempted to destroy electronic evidence and that the economic offences were considered grave in nature [2].

The ED argued that Hayer was involved in the sale and purchase of properties using the proceeds of crime from PACL, an alleged Ponzi scheme that duped investors to the tune of Rs 48,000 crore [2]. The ED also contended that Hayer had deliberately not disclosed the properties being purchased from the proceeds of crime, either in his personal account or in the accounts of companies of which he was a director [2].

The court observed that the trial of the case will take considerable time, and considering the allegations against the accused and his role, it deemed that he is not entitled to relief for enlarging him on bail. The application for grant of bail to the applicant/accused is dismissed accordingly [2].

Hayer's counsel argued that he had been in custody for about four months and that the investigation against him had been completed, but the court found these arguments insufficient to grant bail [2].

The denial of bail underscores the seriousness of the allegations and the need for a thorough investigation. The case highlights the ongoing efforts by regulatory bodies to combat financial crimes and protect investors' interests. The court's decision will likely have a chilling effect on those involved in similar activities, emphasizing the risks and potential consequences.

References:
[1] https://economictimes.indiatimes.com/news/politics-and-nation/congress-wont-be-scared-of-bjps-intimidation-says-sachin-pilot-as-he-meets-bhupesh-baghels-jailed-son/articleshow/122920251.cms
[2] https://thenewsmill.com/2025/07/delhi-court-rejects-bail-plea-of-businessman-accused-in-pmla-case-linked-to-rs-48000-crore-fraud/
[3] https://economictimes.indiatimes.com/news/india/delhi-court-grants-pre-arrest-bail-to-pharmacy-council-of-india-chief-in-corruption-case/articleshow/122883046.cms