Bench

Mr. Justice Bhishmadev Chakrabortty and

Mr. Justice A.K.M. Zahirul Huq

Criminal Miscellaneous Case No.40195 of 2024

Tarafder Jahangir Alam ...accused-petitioner

-Versus-

The State and another      ....opposite parties

Mr.  Md.  Ruhul  Quddus  Kazal,  Senior Advocate  with  Mr.  Md.  Saiful  Islam, Advocate                       .... for the petitioner

Mr. Md. Omar Faruk, Advocate

                                  .... for opposite party 2

Judgment on 03.09.2024.

Bhishmadev Chakrabortty, J:

In  this  Rule  the  opposite  parties  were  called  upon  to show  cause  as  to  why  the  accused-petitioner  should  not  be enlarged on bail in Motijheel Police Station Case No.03 dated 04.04.2023 corresponding to GR No.109 of 2023 under sections and of now  pending  in  the  Court  of  Chief  Metropolitan Magistrate, Dhaka and/or such other or further order or orders passed to this Court may seem fit and proper.

Mr. Md. Ruhul Quddus Kazal, learned Senior Advocate for  the petitioner taking  us  through  the  materials  on  record submits that the petitioner was the CEO of Fareast Stocks and Bonds Ltd. He is named as accused 2 in the FIR. At the time of his service in the aforesaid Stocks and Bonds Ltd. there was no allegation against him but allegation has been brought after his retirement.  In the FIR  although  allegation has been brought against  him  under  the  aforesaid  provision  of  Ain,  2012  of money laundering but PBI in the investigation found allegation against him of releasing some co-accused, his relatives from the responsibility of the aforesaid Stocks and Bonds Ltd. which comes under the provisions of the Penal Code only. The offence as disclosed do not come within the ambit of the Ain, 2012. He was granted anticipatory bail by this Court and thereafter he voluntarily surrendered to the concerned Court and was sent to jail. He has been in jail from 18.04.2024, i.e., more than 4 months.  The  petitioner is  an old  aged  person  and  has  been suffering  from  various  ailments.  Under  the  facts  and circumstances, he is entitled to the privilege of bail. The Rule, therefore, would be made absolute.

Mr. Md. Omar Faruq, learned Advocate for the Durneeti Daman Commission on the other hand opposes the Rule and submits  that  the petitioner at  the time  of his service in  the aforesaid Stocks and Bonds Ltd. misused his power and helped the other accused persons to gain money illegally. He showed deposit in the name of the aforesaid Stocks and Bonds Ltd. but the money was not credited to the account and thus committed the offence of money laundering. He finally submits that, if the accused is released on bail, he will leave this Country. In such a position, the Rule would be discharged. 

We  have  considered  the  submissions  of  the  learned Advocate for the petitioner and the learned Advocate for the Durneeti Daman Commission. It is found that the petitioner is named  as  accused  2  in  the  FIR.  He  was  the  CEO  of  the aforesaid Stocks and Bonds Ld. Although allegation has been brought against him in the FIR under the provisions of the Ain, 2012 but PBI after investigation found nothing against him of money laundering  which  comes  under the provisions of the aforesaid Ain. It is found in the report of PBI that he waived liability of some of his relatives which was beyond his power as CEO. The above offence as alleged in the report of PBI, if found correct, does not disclose offence of money laundering. Subsequently,  Financial  Crime  Unit  of  CID  found  offence against the petitioner under the provisions of the Ain, 2012 that he  laundered  money  and  consequently  submitted  a  report against him. It is further found that he obtained anticipatory bail from this Division and surrendered in the concerned Court on 18.04.2024 within time mentioned in the order but the Court sent him to jail. The allegation brought against him, if proved on holding trial he may be sentence thereunder for minimum 4 years. He has been in the jail for more than 4 months without

trial. It is uncertain when the trial would commence and come to an end. In the premises above, we are inclined to release the petitioner on bail in the aforesaid case.

Accordingly,  the  Rule  is  made  absolute.  Accused- petitioner Tarafder Jahangir Alam, Ex-CEO, Fareast Stocks and Bonds Ltd. son of Hashem Ali Tarafder be enlarged on bail in the  aforesaid  case  subject  to  the  satisfaction  of  the  Chief Metropolitan Magistrate, Dhaka.

However,  the  accused-petitioner  shall  not  leave  this Country without permission of the concerned Court. 

The concerned Court will be at liberty to cancel the bail of the petitioner on any proven misuse.

Communicate this judgment and order at once. A.K.M. Zahirul Huq, J:

I agree.