PMLA Case: Delhi HC Seeks Response On Bail Plea Of Accused

Delhi High Court

The Delhi High Court on Tuesday issued a notice to the Enforcement Directorate regarding the bail application filed by businessman Harsatinder Pal Singh Hayer, who faces charges in a massive money laundering case connected to an alleged Rs 48,000 crore investor fraud.

Hayer is the son-in-law of the late Nirmal Singh Bhangoo, former chairperson of the Pearls Group. The case involves Pearls Agrotech Corporation Limited and is linked to a broader investigation concerning the misappropriation of investors’ funds.

Currently, Hayer is on bail in a separate CBI case filed by the Delhi High Court. Justice Girish Kathpalia took note of the fresh bail petition and sought the ED’s response, scheduling the next hearing for September 19.

Previous Bail Denial

On July 25, the Special Judge (CBI) Jagdish Kumar had rejected Hayer’s bail plea, citing the serious nature of the allegations. The court emphasized that the accused was involved in a sophisticated white-collar crime that defrauded investors to the tune of nearly Rs 48,000 crores.

“The gullible investors were allegedly duped to the tune of about Rs.48,000 crores. The economic offences are considered grave in nature,” the Special Judge noted.

The court also observed that Hayer had allegedly attempted to destroy electronic evidence, further complicating his case.

The judge ruled that, considering the gravity of the offence and Hayer’s role, bail could not be granted, stating,

“Though the trial of the case will take considerable time… I deem that he is not entitled to relief for enlarging him on bail.”

Arguments From Hayer’s Counsel

Hayer’s legal team, led by Advocate Arshdeep Khurana along with colleagues Ayush Gaur, Ridhi Kapoor, Shruti Gupta, and Rishabh Luthra, argued that Hayer had been in custody for nearly four months and the investigation was already complete. They contended that further detention was unnecessary.

The defense also pointed out that Hayer was never a director of any company accused of collecting the investors’ funds illegally. They stressed that there is no proof he had knowledge or intent that the money infused into Australian companies was obtained through illegal means.

ED’s Opposition

The ED strongly opposed bail, presenting evidence that Hayer served as a director in two Australian companies—Pearls Australasia Pty Ltd (from February 2012 to January 2016) and Australasia Mirage I-Pty Ltd (from February 2012 to August 2014). These companies allegedly received proceeds of crime diverted from Pearls Agrotech Corporation Limited and its associated entities.

According to the ED, Hayer deliberately concealed ownership of properties purchased using criminal proceeds, either personally or through companies where he held directorship.

Investigations connected to a 2020 FIR at Police Station Zira, Punjab, also suggest Hayer’s involvement in the sale and purchase of properties acquired through funds generated by Pearls Agrotech.