The court has quashed the Look Out Circular (LOC) issued against the petitioner by the Enforcement Directorate (ED) in a Prevention of Money Laundering Act (PMLA) case. The court found that the LOC was not periodically reviewed as required. The petitioner had been complying with bail conditions and had traveled abroad with court permission multiple times. The ED failed to demonstrate that the LOC had been reviewed as mandated. The court allowed the petition and set aside the LOC, noting that the ED could issue a new LOC in the future if necessary.

1. Hearing and Consent:

   • Rule made returnable forthwith with the consent of the parties.
   • Mr. Shirsat waives notice for respondent No.3-ED and Learned APP waives notice for respondent No.4– State.

2. Petitioner's Request:

   • Seeks quashing of the LOC dated 1st October 2019 in a PMLA case.
   • Other prayers not pressed.

3. Petitioner's Argument:

   • LOC issued on 1st October 2019 not reviewed periodically as required.
   • Petitioner arrested on 11th October 2019 and released on bail on 30th November 2019.
   • Complied with bail conditions, including travel abroad with court permission.
   • Petitioner has roots in society and businesses in India.

4. Respondent's Evidence:

   • Mr. Shirsat produced the LOC and the Office Memorandum dated 22nd February 2021.

5. Court's Observation:

   • LOC issued due to suspicion of involvement in conspiracy to transfer proceeds of crime.
   • Petitioner arrested and released on bail with conditions, including travel restrictions.
   • Petitioner has traveled abroad multiple times with court permission.

6. Review Requirement:

   • Office Memorandum requires quarterly and annual review of LOCs.
   • ED did not demonstrate any review of the LOC.

7. Conclusion:

   • Petition allowed; LOC quashed and set aside.
   • Petitioner must comply with bail conditions.
   • ED may issue a new LOC in the future if necessary.

8. Petition Disposed:

   • Rule made absolute; petition disposed of.

9. Passport Return Application:

   • Petitioner can file for the return of his passport.
   • Trial Court to consider the application on its merits.

10. Action on Judgment:

    • All concerned to act on the authenticated copy of this judgment.