HC grants bail to promoter in absence of rationale to keep him in judicial custody

FEMA, BANKING & INSURANCE : Where applicant who was arrested by Enforcement Directorate for offence under section 3 on ground that he had misappropriated or 'siphoned-off' monies lent by REL to entities owned or controlled by him sought for bail, there being no rationale for continuing applicant's judicial custody as an under trial applicant was to be granted bail subject to certain stipulated restrictions

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