The Karnataka High Court has granted regular bail to Srikrishna Ramesh, also known as Sriki, and Robin Khandelwal in a money laundering case, taking into account their cooperation with the investigation, the stage of proceedings and the likelihood of a prolonged trial.
Background
The Enforcement Directorate (ED) registered ECIR/BGZO/01/2021 under the Prevention of Money Laundering Act, 2002 (PMLA), following a criminal case involving alleged offences under the Information Technology Act and the Indian Penal Code. The High Court was hearing petitions filed by Robin Khandelwal and Srikrishna Ramesh, arrayed as accused Nos. 3 and 1, respectively.
Both petitioners were arrested on May 8, 2026, after having cooperated with the investigation when summoned. Their earlier bail applications before the Special Court had been rejected. The ED subsequently filed its prosecution complaint on July 6, 2026, but the proceedings remained at the pre-cognizance stage, meaning the trial court had not yet formally taken cognizance of the complaint.
The petitioners argued that they had already secured bail in cases concerning the underlying alleged offences and had not misused their bail conditions. They also submitted that the investigation was complete and that the trial was unlikely to conclude soon, given the volume of documents and the proceedings still pending.
Opposing bail, the ED argued that the allegations were serious and that the statutory restrictions under Section 45 of the PMLA applied. It also expressed concern that the petitioners might move or misuse alleged proceeds of crime if released.
Justice S. Vishwajith Shetty noted that the petitioners had cooperated with the investigation and had appeared before the investigating officer when called. The Court also considered that accused No. 2 had already been granted regular bail in the same case.
The prosecution complaint named six persons. The Court observed that the documents ran to approximately 8,103 pages, with 10 witnesses cited, making an early conclusion of the trial unlikely.
The Court also questioned the prosecution's apprehension that the petitioners might shift the alleged proceeds of crime, noting that they had not been accused of misusing bail conditions in the earlier cases.
Relying on Supreme Court decisions concerning prolonged custody and the right to a speedy trial, the High Court referred to the principle laid down in V. Senthil Balaji v. Deputy Director, Directorate of Enforcement:
"Inordinate delay in the conclusion of the trial and the higher threshold for the grant of bail cannot go together."
The Court considered the stage of the proceedings, the petitioners' cooperation and the likely delay in the trial while assessing their requests for bail.
Allowing both criminal petitions, the Karnataka High Court granted regular bail to Robin Khandelwal and Srikrishna Ramesh in the PMLA case.
The Court directed each petitioner to execute a personal bond of ₹1 lakh with two sureties for the same amount. They must regularly attend trial court hearings unless exempted, refrain from threatening or tampering with prosecution witnesses, avoid similar offences and not leave the trial court's jurisdiction without permission until the case is disposed of.
