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Money Laundering - Case Laws
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- 2020 (1) TMI 557
Cancellation of granted Bail - offences punishable u/s 120-B r/w 420 of IPC and Sections 7,8,9,12, 13(2) r/w 13(l)(d) of Prevention of Corruption Act, 1988 - scheduled offences - proceeds of crime - the learned Additional Solicitor General argued that investigation in the present case is still going on - HELD THAT:- It is settled that once bail granted should not be cancelled in a mechanical manner without considering any supervening circumstances which is not conducive to fair trial. It cannot be cancelled on a request from the side of the complainant/investigating agency unless and until it is established that the same is being misused and it is no longer conducive in the interest of justice to allow the accused any further to remain on bail. No doubt, the bail can be cancelled only in those discerning few cases where it is established ....... + More
- 2020 (1) TMI 522
Offence under PMLA - Provisional attachment - Attachment of properties which are attached - HELD THAT:- If the mortgage properties are not the proceeds of crime, the said properties cannot be attached in lieu of value thereof as banks are the secure creditors, but ED, no doubt, after investigation, is welcome to attach the properties in lieu of value thereof only in the cases where it was virtually not possible to trace out the properties which were purchased from proceeds of crime, but other than the mortgage properties which were not acquired from proceeds of crime. Borrowers mortgage properties can not secure in safe heaven if they failed to return back the loan amount otherwise public will suffer. No doubt, this tribunal is clear in its mind that if the property was acquired from proceeds of crime and at the time of mortgage, the bank....... + More
- 2020 (1) TMI 190
Restoration of appeal - delay in filing of restoration application - Default in appearance - applicant submitted that the argument from the side of the appellant was over and the argument from the side of the respondent was yet to be completed - HELD THAT:- Admittedly the restoration application has been filed without any application for condonation of delay. The appeal was dismissed for default on 19.08.2015. The application for restoration has been filed on 02.05.2019. There is a delay of about 1350 days. The applicant who is not the appellant herself could have intimated the appellant about her compulsion/situation of not appearing in the appeal. Further, the other two counsels who have signed the Vakalatnama and represented the appellant in the appeal on various occasions could have appeared on 19.03.2015, 30.04.2015 & 19.08.2015........ + More
- 2019 (12) TMI 1094
Money Laundering - proceeds of crime - attachment of mortgaged property - tri-partite agreement - criminal activity or not - HELD THAT:- Admittedly, the factory premises were purchased in the year 2005. Therefore, the Tribunal accepted the contention that the said property, which was mortgaged to Bank of Baroda, could not be subject to attachment as proceeds of crime. Admittedly, the said properties had been acquired prior to the commission of the alleged crime, which is stated to be committed somewhere in 2011-12. Thus, the said properties could not be stated to be assets which were derived from any criminal activity. The proceeds of crime are defined to mean any property derived or obtained directly or indirectly by any person, as a result of criminal activity relating to a scheduled offence. Indisputably, the properties involved in thi....... + More
- 2019 (12) TMI 1019
Money Laundering - proceeds of crime - attachment of property - charge or encumbrance of a third party in a property attached under PMLA - scheduled offences - privity/complicity of contract - HELD THAT:- The appellant is a third party bonafide claimant of the property - The security interest has been created on the property in question and there are legitimate banking transactions. There is no allegation on the part of Enforcement Directorate that the appellant has not exercised due diligence in sanctioning loan. Such facilities were extended after conducting due diligence and the necessary checks and balances. The security interest has been created in the year on 29.03.2007, whereas the ECIR has been registered much later and the Provisional Attachment Order has been passed on 24.03.2017. Much prior to the year 2017, Section 13(2) notic....... + More
- 2019 (12) TMI 1008
Power of Tribunal to proceed with the matter - this court remanded the matter to the Appellate Tribunal for PMLA and directed the said Tribunal to restore the appeal and after hearing both the parties decide the same within six weeks from the receipt of this order - HELD THAT:- The petitioner submits that the Hon’ble Supreme Court has granted status quo qua the property in question, however, there is no status quo to proceed with the matter by any court including the Appellate Tribunal of PMLA. This fact has not been disputed by counsel for the respondent. Thus, it is clarified that the order of the status quo of the Supreme Court is regarding the disposal of the property, therefore, Appellate Tribunal of PMLA is directed to comply with the order dated 01.11.2019 passed by this court within six weeks from today - application disposed off.
- 2019 (12) TMI 810
Restoration of application - withdrawal of vakalatnama by earlier lawyer - eviction notice - no sale of the properties which have been attached by the ED has taken place - HELD THAT:- The order of the Tribunal dated 17.7.2017 clearly mentions that the advocate appearing on behalf of the appellants had withdrawn his vakalatnama and it is recorded that he had already intimated to his client who shall make necessary arrangement to represent his case - Thereafter the case was fixed for hearing at least on four occasions almost covering a span of one year, but no one ever appeared. However soon after the case was dismissed for non prosecution on 07.09.2018, it is seen that the appellants filed the Restoration applications on 24.09.2018, within 17 days of the dismissed order. This does point out the intention of the appellants of deliberately n....... + More
- 2019 (12) TMI 809
Grant of interim stay on provisional attachment order - de-freezing of bank accounts of appellant - applicant has confined his submission an order for release of amount deposited in Madhya Pradesh Gramin Bank subsequent to the passing of provisional attachment order - HELD THAT:- It is the uncontroverted fact that the appellant/applicant is maintaining the account bearing no. 2004101130000261 with Madhya Pradesh Gramin Bank, Shahpura Branch, Bhopal. It is the contention of the appellant/applicant that the Madhya Pradesh Govt. has transferred certain amount which is required for the purpose of payment to be made to the vendors and salary of the staff etc. and if the amount so deposited by the Madhya Pradesh Govt. is not released it is likely that the entire project shall be terminated. During the course of hearing, it is clearly submitted ....... + More
- 2019 (12) TMI 802
Money Laundering - proceeds of crime - provisional attachment of immovable properties - Section 42 of the Prevention of Money Laundering Act, 2002 - HELD THAT:- There is considerable merit in the appellant’s contention that it is not necessary that proceeds of crime in the hands of a person can be attached, notwithstanding that the person is not accused of any scheduled crime or the offence of money laundering. Plainly, if an asset which is derived by any person from a criminal activity is entrusted to another person, who is neither complicit in the criminal activity and is oblivious of the means by which the asset was acquired; he would neither be charged of committing a scheduled offence nor the offence of money laundering. Notwithstanding the above, the asset in his possession would be liable to be attached and confiscated in ter....... + More
- 2019 (12) TMI 428
Grant of anticipatory bail - money laundering - proceeds of crime - allegation of possession of pecuniary resources or property disproportionate to his known source of income for which he could not satisfactorily account - HELD THAT:- It is evident that Dr. Pradeep Kumar, Rajendra Kumar, Nandlal HUF, Shyamal Chakravarty, Dharmendra Kumar Dhiraj, Naresh Kumar Kejriwal, Inderlal Kejriwal and Sitaram Pathak are knowingly involved in acquisition, concealment and transfer of proceeds of crime and are knowing involved in projection of tainted properties as untainted - That, the complaint under section 45 read with section 44 of the PMLA for commission of offence under section 3, punishable under section 4 of the PMLA was also duly filed on 03.11.2018 before the Hon'ble Court of Special Judge, CBIcum under PMLA at Ranchi against the six accu....... + More
- 2019 (12) TMI 396
Petition for grant of regular bail - Money Laundering - siphoning of funds - when the account of the above said 70 CUI of Adarsh Group of Companies were investigated; it was found that these Companies were having an amount of ₹ 90.03Crores as Cash-in-Hand on 31-03-2016. However, by the end of the financial year on 31-03-2017, this Cash-in-Hand was reduced to ₹ 1.15Crores - during this relevant time, ‘Demonetization’ of currency notes of denomination of ₹ 1000/- and ₹ 500/-. HELD THAT:- Referring to the provision of the section 212 the counsel for the petitioner has laid stress on the argument that the Investigating Officer has vast powers to arrest the accused if he had the valid reasons and material with him to justify the arrest. If during the investigation he had the material and he did not find the ....... + More
- 2019 (12) TMI 241
Issuance of notice prior to arrest - Grant of anticipatory Bail on certain terms - while disposing of the application for anticipatory bail has passed the direction that the petitioner agency shall serve three working days notice, on proposing to arrest the petitioner in this case - whether the Court has power to direct the Investigating Agency to issue notice prior to arrest? HELD THAT:- The terms ‘arrest’ is neither defined in the Code of Criminal Procedure, 1973 nor in the Indian Penal Code, 1960 nor there is any enactment dealing with offences demanding arrest. The word ‘arrest’ is derived from a French word ‘ARRATER’. It means to stop, to restrain a person. ‘Arrest’ is thus restraining of a person, obliging him to be obedient to law. Anticipatory bail being an extraordinary remedy avail....... + More
- 2019 (12) TMI 186
Money Laundering - Grant of Regular Bail - concealmant of investment received - in INX Media (P) Ltd., M/s INX News (P) Ltd. - permission for the downstream investment sought - whether the further consideration made by the learned Judge of the High Court, despite holding the triple test in appellant’s favour was justified and if consideration is permissible, whether the learned Judge was justified in his conclusion? HELD THAT:- The basic jurisprudence relating to bail remains the same inasmuch as the grant of bail is the rule and refusal is the exception so as to ensure that the accused has the opportunity of securing fair trial. However, while considering the same the gravity of the offence is an aspect which is required to be kept in view by the Court. The gravity for the said purpose will have to be gathered from the facts and ci....... + More
- 2019 (11) TMI 1283
Enhancement of the period of police remand - offence of money laundering - siphoning of funds - proceeds of crime - refusal of police custody - petitioner submitted that the Judge has not applied its mind while refusing the police custody for the purpose of custodial interrogation of the respondents and passed the order which is bereft of any sound reasoning - Principles of natural justice - whether the Judge has properly applied his mind regarding the material available on record and has given sufficient reasons in the impugned order or not while rejecting the police remand of the respondents? - HELD THAT:- The remand, admittedly, is a fundamental judicial function of a Magistrate; the Magistrate has to satisfy himself/herself that there are reasonable grounds and that the material placed before him justify the police remand of the accus....... + More
- 2019 (11) TMI 962
Money Laundering - Provisional Attachment of Bank accounts of petitioner - proceeds of crime - attachment order challenged on the ground of lack of jurisdiction, illegal and vitiated by the vice of mala fides and perversity - petitioner contended that the ED authorities have no power to freeze the bank accounts, as they have got power only to order provisional attachment of the alleged proceeds of crime under Section 5 of PMLA, upon fulfilment of the mandatory conditions stipulated therein - continuing offence or not - retrospective penalization - Maintainability of petition - alternative remedy of appeal - HELD THAT:- Admittedly, there is a complaint under Section 5(5) of the PMLA to be adjudicated under Section 8 of the said Act, based on the impugned PAO issued under Section 5(1) of the Act. The requirement for issuing the same is the ....... + More
- 2019 (11) TMI 961
Money Laundering - proceeds of crime - attachment of properties - Section 5 of the Prevention of Money Laundering Act, 2002 - HELD THAT:- Since it is ex facie apparent that there is no material indicated either in the impugned provisional attachment order or in the impugned complaint which would justify the same in respect of the petitioners or their assets, the aforesaid order and the complaint are liable to be set aside qua the petitioners. The impugned order and the impugned complaint in so far as they relate to the petitioners, are set aside. The properties of the petitioners, as mentioned in the impugned order and the impugned complaint, are also excluded from the said order/complaint - Appeal allowed.
- 2019 (11) TMI 794
Money Laundering - proceeds of crime - grant of anticipatory bail - attachment proceedings - scheduled offences - HELD THAT:- The endeavour under the Amendment Act, 2013, vis-a-vis Sections 5 & 8 is to enable attachment proceedings against the persons who are accused of a scheduled offence; persons who have been accused of money laundering alone; persons who have come in possession of the proceeds of crime. It is evident that in view of the 2013 Amendment to the PML Act, a person can be tried for an offence of money laundering alone without restricting the meaning attributable to it as being with reference to a scheduled offence alone - Hence, section 8, as amended by the Amendment Act of 2013, cannot be said to be arbitrary and violative of the fundamental right of a person if the proceedings are continued under the PML Act, even if ....... + More
- 2019 (11) TMI 253
Money Laundering - proceeds of crime - scheduled offences - HELD THAT:- It is not in dispute that the Prevention of Money Laundering Act is a complete code in itself dealing with the offence of money-laundering. It provides complete mechanism for investigation by an independent agency other than the police, in respect of offences under Prevention of Money Laundering Act - It is clear that unless and until there is a case registered under a scheduled offence, Enforcement Directorate shall not have cause of action to institute proceedings under Prevention of Money Laundering Act which means that registration of ECIR by Enforcement Directorate can be only after registration of case for a scheduled offence. ECIR is the information recorded by the Enforcement Directorate regarding the registration of predicate offences and is basis for initiat....... + More
- 2019 (10) TMI 1236
Money Laundering - public auction - the allegations are to the effect that the lands, which would fetch higher value in the public auction, were purchased by the petitioners in connivance with the other accused resulting in a huge loss - burden to prove - HELD THAT:- There are adequate materials available including examination of witnesses and documents. Therefore, this Court cannot invoke Section 482 of the Criminal Procedure Code to quash the proceedings at this stage. Exercise of power under Section 482 of the Criminal Procedure Code is not to be done by a Court by drop of the hat but only when a situation warrants. We are not inclined to hold that the trial, if conducted, would be an empty formality. It is well open to the respondent to investigate and proceed further when an offence is made out under the provisions of Prevention of M....... + More
- 2019 (10) TMI 962
Bail application - Compoundable offences - grant of sanction to prosecute for offences punishable u/s 276C(1) and 277 of the Income Tax Act and section 120B of I.P.C - scheduled offences - HELD THAT:- It is not in dispute that the petitioner was discharged by the Special Court, Bengaluru in 3 out of 4 complaints vide order dated 28.02.2019. however, the application seeking discharge in the 4th complaint was dismissed by the Special Court, Bengaluru, vide order dated 25.06.2019 - The petitioner had challenged the said order in Revision Petition No. 955/2019 filed before the High Court of Karnataka which granted stay of further proceedings vide order dated 20.08.2019 in the said 4th complaint case pending before the Special Court, Bengaluru. It is also not in dispute that the offences under Section 276C, 277 of the Income Tax Act alleged ag....... + More
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