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Money Laundering - Case Laws

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• 2022 (10) TMI 11
  
  Freezing of proceeds of crime - reasons to believe recorded for retention of the property under Section 20 of the PMLA - HELD THAT:- The appellants are entitled to an opportunity before the learned Single Judge and to file the requisite documents along with affidavit-in-opposition. The order of the learned Single Judge is interlocutory in nature, therefore, the conclusions drawn therein and findings recorded therein are only tentative in nature. The appeal is disposed off by setting aside the last sentence of paragraph 21 of the order of the learned Single Judge which states “WPA 17454 of 2022 is disposed of in terms of the above” and permit the appellants to file affidavit-in-opposition within two working weeks from today before the learned Single Judge in WPA 17454 of 2022 and thereafter, affidavit-in-reply be filed within two working weeks - appeal disposed off.

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• 2022 (10) TMI 10
  
  Money Laundering - proceeds of crime - reverse burden on the suspect - offence under section 3 punishable under Section 4 of Prevention of Money Laundering Act, 2002 - HELD THAT:- Money laundering is the process of conversion of such proceeds of crime, “dirty money” to make it appear as legitimate money. As the Act deals with socio-economic offence, it deviates from the beaten track of the common law on the burden of proof. In fact Section 24 of the Act casts a reverse burden on the suspect. In any proceeding relating to the proceeds of crime under the Act, the Authority or Court shall presume that “such proceeds of crime are involved in money laundering” unless the person charged with the offence of money laundering under Section 3 proves to the contrary. The offence of money laundering is threefold including the ....... + More

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• 2022 (9) TMI 1287
  
  Money Laundering - continuation of attachment of the property of the appellant - seeking direction to the respondent to release the said property from attachment - validity of SCN - Non-application of mind - HELD THAT:- It is evident that Appellate Tribunal found that the notice under Section 8(1) was not in conformity with the requirement of the statute and that the adjudicating authority did not form any reason to believe that the noticee had committed an offence under Section 3 or is in possession of proceeds of crime. Therefore, the very foundation for issuance of notice under Section 8(1) was absent. Various other flaws vitiating the order of the adjudicating authority were pointed out by the Appellate Tribunal observing that the same reflected non-application of mind. Appellate Tribunal opined that no purpose would be served by cont....... + More

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• 2022 (9) TMI 1286
  
  Money Laundering - Validity of look out circular - proceeds of crime - Constitutional Validity of Section 2(1)(u), Section 50 and Explanation to Section 44 of the Prevention of Money Laundering Act, 2002 - scheduled/predicate offences or not - HELD THAT:- The Hon’ble Supreme Court in Vijay Madanlal Choudhary [2022 (7) TMI 1316 - SUPREME COURT] has been clear and categorical in its reasoning. The undeniable sequitur of the reasoning is that firstly, authorities under the PMLA cannot resort to action against any person for money-laundering on an assumption that the property recovered by them must be proceeds of crime and that a scheduled offence has been committed; secondly, the scheduled offence must be registered with the jurisdictional police or pending inquiry by way of complaint before the competent forum; thirdly, in the event t....... + More

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• 2022 (9) TMI 1272
  
  Seeking grant of Interim Bail - applicant had suffered an incident on 14th July, 2022 of fainting and frothing from mouth with numbness of his limbs - whether the treatment in jail was unsatisfactory or inadequate? - HELD THAT:- The Supreme Court in State of UP [2020 (10) TMI 1281 - SUPREME COURT] was dealing with an appeal against an order passed by the Allahabad High Court, Lucknow Bench granting interim bail to an accused on medical grounds for a period of two months while directing the listing of the regular bail application for hearing. Here too the regular bail application has been listed for hearing on 26th September, 2022 in which bail has been sought on the merits of the case along with the interim bail application moved on grounds of ill health. This application as noted above is the second one pleading medical grounds. The deci....... + More

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• 2022 (9) TMI 1271
  
  Transfer petition - Constitutional validity and interpretation of certain provisions of the Prevention of Money-Laundering Act, 2002 - procedure followed by the Enforcement Directorate (ED) while inquiring into/investigating offences under the PMLA - effect of amendment in Section 45 of the 2002 - HELD THAT:- The Transfer Petition is disposed of in terms of the judgment in VIJAY MADANLAL CHOUDHARY & ORS. VERSUS UNION OF INDIA & ORS. [2022 (7) TMI 1316 - SUPREME COURT].

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• 2022 (9) TMI 1216
  
  Money Laundering - seeking grant of regular bail - sick and suffering from serious co-morbidities - commission of scheduled offences - generation, acquisition, layering and siphoning off the proceeds of crime - Section 45(1) of the PMLA - HELD THAT:- The proviso to Section 45(1) of the PMLA carves out an exception from the rigours of Section 45 for persons who are sick or infirm. Once a person falls within the proviso of Section 45(1), he need not satisfy the twin conditions under section 45(1). Whether the applicant falls within the category of sick or infirm so as to grant him the benefit of the proviso to section 45(1) PMLA? - HELD THAT:- In view of the medical report, it leaves no room for doubt that the applicant is both, sick and infirm. He is functioning on 30% capacity of one kidney and the other kidney is dead. He requires consta....... + More

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• 2022 (9) TMI 1215
  
  Money Laundering - seeking grant of bail - allegations of money laundering pertain to the year 2011-2013; at that time, the petitioner's age would be around 15-17 years - petitioner had connection with the business's day-to-day affairs or not - HELD THAT:- Without commenting on the case's merits, in the facts and circumstances peculiar to this case, and for the reasons mentioned above, the petitioner makes a case for bail, subject to the following terms and conditions, which shall be over and above and irrespective of the contents of the form of bail bonds in chapter XXXIII of CrPC, 1973. In the event of arrest, the petitioner shall be released on bail in the case mentioned above, subject to furnishing a personal bond of Rs. One lac only (INR 1,00,000/-), and furnishing one surety for Rs. Five lacs, to the satisfaction of the ....... + More

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• 2022 (9) TMI 1214
  
  Money laundering - Seeking grant of bail - petitioner’s age at the time of commission of the present offence - case is that the accused Vikram Seth operated a few bogus entities in his name and also in the name of the family members - HELD THAT:- Given the petitioner’s age at the time of the offence and that he was a student at Jalandhar, coupled with the nature of allegations against him, there would be no justification to send the accused to pre-trial custody at the stage of framing of the charges. In GURBAKSH SINGH SIBBIA VERSUS STATE OF PUNJAB [1980 (4) TMI 295 - SUPREME COURT] a Constitutional Bench of Supreme Court held that the bail decision must enter the cumulative effect of the variety of circumstances justifying the grant or refusal of bail. The possibility of the accused influencing the investigation, tampering wit....... + More

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• 2022 (9) TMI 1160
  
  Pre-arrest Bail application - Obtaining loan fraudulently - running of bogus firms and inflating the turnover - Correctness of decision of the Directorate of Enforcement not to arrest all the accused - framing of charges - HELD THAT:- Given the nature of allegations against the petitioner, there would be no justification to send the accused to pre-trial custody at the stage of framing of the charges. In GURBAKSH SINGH SIBBIA VERSUS STATE OF PUNJAB [1980 (4) TMI 295 - SUPREME COURT], a Constitutional Bench of Supreme Court held that the bail decision must enter the cumulative effect of the variety of circumstances justifying the grant or refusal of bail. In the present case, without commenting on the case's merits, in the facts and circumstances peculiar to this case, the petitioner makes a case for bail, subject to the following terms....... + More

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• 2022 (9) TMI 1124
  
  Money Laundering - proceeds of crime - scheduled offence - presumption in interconnected transactions - burden of proof - HELD THAT:- The Court has gone through the materials on record and finds that there are allegations against the petitioners, the company as well as the Directors who are the petitioners in the respective petitions. In paragraph no.17 of the complaint it has been disclosed that their transactions were limited to provide accommodation entries in lieu of cash only that on receipt of cash, cheques were issued to the companies either as share application or loan. One of the witness Shri Mridul Bhowmick at paragraph no.18 of the complaint has stated that he is not knowing that whether any share certificate is in possession and he was not aware whether any share certificate has been issued at all. Vivek Kumar Goenka has said ....... + More

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• 2022 (9) TMI 563
  
  Seeking grant of bail - money laundering - proceeds of crime - incorporation and operation of 450 Indian entities and 104 foreign entities for routing proceeds of crime and also enabling purchase of offices and properties as if with untainted funds - applicability of Section 45 of the PMLA - HELD THAT:- In the present case, therefore, since this is a fresh bail application, the court would be required to consider whether there are fresh circumstances or subsequent events that call for a fresh application of mind or whether it is a mere repetition of previous grounds. Even without the application of the principle of issue-estoppel, the court in order to maintain consistency in the decision making, would be slow in entertaining such pleas, which are mere repetition of the earlier pleas, which had not found favour with it - Since the questio....... + More

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• 2022 (9) TMI 218
  
  Seeking grant of regular bail - Smuggling - Opium - country made pistol - magazine having 5 live rounds - spare magazine having six live rounds - HELD THAT:- The FIR in the present case was registered on 31.05.2022 under Sections 3 and 4 of PMLA, Section 25 of Arms Act and under Section 18 of NDPS Act. As per the reply submitted on behalf of the State, offences punishable under Sections 3 and 4 of PMLA have been deleted upon the verification by Surender Singh, HPS, ACP-III, Panchkula. So, now the FIR in question is with regard to Section 25 of Arms Act and Section 18 of NDPS Act. As per the allegations appearing on record 432 grams of opium was recovered from the possession of petitioner Anju Bhalla while 265 grams of opium was recovered from the petitioner Anjali Bhalla. The aforesaid quantity of opium comes under non-commercial quantity....... + More

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• 2022 (9) TMI 168
  
  Money Laundering - proceeds of crime - Withdrawal/cancellation/ quashing/discontinuation/recalling of the Look Out Circular issued in the name of the Petitioner - seeking permission to Petitioner to return to his home in the United Kingdom - principles of res-judicata - HELD THAT:- The rule of res judicata is based on public policy as finality should attach to the binding decisions pronounced by courts of competent jurisdiction. This is applicable to writ proceedings through the process of judicial interpretation and a party is precluded from initiating fresh legal in respect of same cause of action. If a writ petition is filed in a High Court or Supreme Court and is rejected on merits then a subsequent writ petition cannot be moved on the same cause of action. Even if in the first petition a plea which could have been raised is pot raise....... + More

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• 2022 (9) TMI 132
  
  Seeking grant of Bail - money laundering - cheating large number of investors of Jharkhand by inducing them to purchase plots of land - siphoning off of funds - twin conditions under section 45 of PMLA attracted or not - HELD THAT:- This Court is of the considered view that the provisions of Section 45 of the Act, 2002 prior to judgment of Ho’ble Apex Court in the case of NIKESH TARACHAND SHAH VERSUS UNION OF INDIA AND ANR. [2017 (11) TMI 1336 - SUPREME COURT] had been declared unconstitutional; but the defects in provisions of the said Act was cured by Parliament by way of Amendment Act 13 of 2018 and consequently, the twin conditions of Section 45 while disposing of the bail application under the Act, 2002 stood revived. The twin conditions under Section 45 (1) for the offences classified thereunder a Part-A of the Schedule was he....... + More

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• 2022 (8) TMI 1256
  
  Money Laundering - assets disproportionate to known source of income - proceeds of crime - acquittal of the accused - scheduled offences - HELD THAT:- The view as taken by the Trial Court in this matter had been a justified view of the matter and the High Court was not right in setting aside the discharge order despite the fact that the accused No. 1 had already been acquitted in relation to the scheduled offence and the present appellants were not accused of any scheduled offence. The impugned judgment and order is set aside and the order dated 04.01.2019 as passed by the Trial Court, allowing discharge application of the appellants, is restored - Appeal allowed.

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• 2022 (8) TMI 1054
  
  Seeking grant of Bail - money laundering - foreign outwards remittances - admissibility of statements of accused - admissible evidences or not - twin conditions as contemplated under Section 45 of PML Act, satisfied or not - HELD THAT:- Insofar as the twin conditions as contemplated under Section 45 of PML Act, the Hon'ble Supreme Court of India repeatedly held in many cases that the duty of the Court is to examine the jurisdictional facts including the mandate of Section 45 of the PML Act, which must be kept in mind. Even post Nikesh Tavachand Shah Vs. Union of Idia & anr. case [2017 (11) TMI 1336 - SUPREME COURT], the Section 45 of the PML Act saw amendment vide from 19.04.2018. After effecting amendment to Section 45(1) of the PML Act, the words “under this Act” are read to sub Section (1) of Section 45 of the PML A....... + More

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• 2022 (8) TMI 613
  
  Seeking direction to 1st respondent to grant extension of time to the respective petitioners to prepare a reply to the show cause notice, for a further period of two months - seeking direction to exclude the two month period from the computation of 180 days under Section 5(3) of the Prevention of Money Laundering Act, 2002 - HELD THAT:- The petitioners have to collect information and submit effective reply. It is also not in dispute that several documents running into about 5000 pages were furnished to the petitioners along with the show cause notice. They have to go through the same and submit explanation effectively. It is also not in dispute that C.Parthasarathy, Chairman of Karvy Group of Companies is involved in several crimes and he was arrested. He was released on bail only on 25.06.2022. The Courts concerned have imposed several c....... + More

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• 2022 (8) TMI 612
  
  Money Laundering - Provisional attachment of property - proceeds of crime - Sections 5 and 8 of the PMLA, 2002 - HELD THAT:- The powers of provisional attachment of the property is detailed under Section 5 of the Act. The said Act empowers the Director or Deputy Director authorized to provisionally attach a property for (180) days if he has reason to believe that it is pertaining to proceeds of crime. The Adjudicating Authority (PMLA) was a quasijudicial authority established under the PMLA, 2002. The proceedings before the adjudicating authority were time-bound as per the provisions of PMLA, 2002. For passing order under Section 8(3) in connection with provisional attachment order, the Act prescribes a statutory time limit that the same had to be passed within (180) days from the date of provisional attachment order. The Adjudicating Aut....... + More

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• 2022 (8) TMI 543
  
  Seeking stay of orders of freezing of the accounts of the petitioner - Money laundering - location of proceeds of crime - Section 17(1) of PMLA - HELD THAT:- Section 17(1-A) is an alternative to Section 17(1) for facilitating the measures which are required to be taken in the event search and seizure is not practicable. Section 17(1-A) starts with the opening of an alternative avenue to an authorised officer under Section 17(1) to make an order of freezing a property where it is not practicable to seize the property. The word (used four times) in Section 17(1-A), is the word “such”. The word “such” precedes “record/property” and “order” whereever used in Section 17(1-A). The qualification of property and records by use of “such” fixes the sequence of steps which may be initiated ....... + More

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