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2019 (1) TMI 832 - AT - Money LaunderingOffence under PMLA - provisional attachment order - criminal proceedings already pending against accused parties - Held that:- Appellants are bona-fide purchasers and they have not done anything against law. Furthermore, the Appellants are not involved in any crime or money laundering and the Appellants are law abiding citizens running an organization in the field of textile business, with the family business being there for more than 85 years. No case of money laundering against the appellants is made out. The prosecution complaint under PML Act, 2002 was filed by the respondent against Ramesh Pothy with mala-fide intention and after thought on the date of passing the provisional attachment order. It is of the opinion that complaint filed against Ramesh Pothy is not sustainable and is filed after-thought as the IO has failed to trace the amount paid by the appellant to the family members of Late Sridhar. In order to save its skin, the complaint against the Ramesh Pothy has been filed. This is because of the reasons that the appellants are not directly or indirectly involved in the money laundering. They have no direct link or nexus with deceased who has now passed away. The appellants have no objection if criminal proceedings already pending against accused parties may continue as per law. The appellants despite of above are agreeable to deposit a sum of ₹ 6,47,25,000/- as value assessed by the ED in the Investigation Report with the respondent (without prejudice) in order to secure the entire value of the property filed by the ED in the reason to believe. The figure mentioned by the hearing officer in the impugned order is fanciful and accepted as per the case of ED in subsequent pleadings. The real figures are mentioned in the reason-to-believe on the basis of which the provisional attachment order was passed. The said figures could not have been changed. The appellant is directed to deposit a sum of ₹ 6,47,25,000/- with the respondent without prejudice within the period of six weeks from today as security amount. In case the final orders are passed against the accused, the said amount shall be kept by the ED. In case, the prosecution complaint filed by the ED under PMLAS is dismissed, the entire amount shall be returned to the appellant with interest accrued thereon. Once the said amount is deposited, the property shall be released forthwith. In the light of above, all the appeals filed by the Appellants are allowed and the impugned order dated 29.12.2016 is set aside qua against the Appellants so as the provisional attachment order.
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