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Money Laundering - Case Laws
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- 2021 (10) TMI 705 - BOMBAY HIGH COURT
Money Laundering - reasons to believe possession of proceeds of crime or not - attachment of residential properties - sub-section (1) of section 5 of the Prevention of Money Laundering Act, 2002 - HELD THAT:- We have refrained from delving into the factual narrative as stated in the impugned order of provisional attachment. This is so because we are of the opinion that when the matter is at the stage of adjudication under section 8 of the PMLA Act and adjudication hearing is fixed on 27th October, 2021, we should allow the statutory authority to deal with the matter in accordance with the statute. Of course the point of law raised by Mr.Nankani without adverting to the facts of the present case is an important one and as held by the Punjab and Haryana High Court in Seema Garg [2020 (3) TMI 460 - PUNJAB & HARYANA HIGH COURT] is certain....... + More
- 2021 (10) TMI 489 - TELANGANA HIGH COURT
Seeking grant of Anticipatory Bail - Money Laundering - siphoning of funds - fake transactions - shell/dummy entities incorporated to perpetuate the fraud - HELD THAT:- Both the petitioners are said to be erstwhile directors of M/s. VMC Systems Limited, which was in the business of manufacture and sale of electronic products, with specific focus on AC-DC power convertors and communication products. A huge amount of about ₹ 1747.45 crores has been laundered/siphoned and that lead to registration of subject FIR No.15 of 2018 on the file of CBI, BS & FC, Bangalore. There are serious and grave allegations against the petitioners that they have indulged in money laundering offences by resorting to various dubious transactions in between the companies, involving the shell/dummy entities incorporated to perpetuate the fraud and siphone....... + More
- 2021 (10) TMI 244 - CALCUTTA HIGH COURT
Validity of Provisional Attachment of Bank Accounts - provisions for automatic or deemed extension of the Provisional Attachment Order under Section 5 (1) of PMLA Act present or not - HELD THAT:- The Adjudicating authority/Respondent No. 2 cannot be called a litigant or advocate or a quasi-judicial authority and cannot take the benefit of the order of the Hon’ble Supreme court passed in Suo moto Writ Petition (Civil) No. 3 of 2020 [2020 (5) TMI 418 - SC ORDER] by taking the stand that on the expiry of validity of the said provisional attachment order after 180 days under Section 5 (3) of the aforesaid Act, the same would be deemed to have been extended automatically by virtue of the aforesaid order of the Hon’ble Supreme Court when he was not required to pass any formal order of extension of the same under Section 8 (3) of the....... + More
- 2021 (10) TMI 239 - ORISSA HIGH COURT
Seeking grant of Bail - money laundering - scheduled offences - enjoying proceeds of crime in personal benefits - Section 120-B/294/341/406/409/420/467/ 468/471/ 506/34 of the Indian Penal Code and Sections 3/4/5 of the Pries Cheat and Money Circulation Scheme (Banning) Act, 1976 - Section 45 of PML Act - HELD THAT:- In the instant case the Petitioner is inside custody since 16th October, 2017 which means he has already incarcerated more than three years and 10 months. Apart from this, admittedly, the Petitioner is languishing in custody from 30th May, 2013 in connection with Kharavela Nagar P.S. Case No.44 of 2013 and subsequent registration of the CBI case. The instant case is concerning offences under the PMLA Act. So keeping in view the restrictions contained in Section 45 of the PMLA Act for grant of bail as well as the nature of all....... + More
- 2021 (10) TMI 201 - DELHI HIGH COURT
Legality of arrest - validity in terms of A. 22 (2) of Constitution of India r/w s. 57 CrPC - application moved by the petitioner herein to declare the arrest of the petitioner as illegal was dismissed without any reason - what is the time of arrest of petitioner is 8:30 PM of 03.08.2021 or 7:55 PM of 03.08.2021? - HELD THAT:- Admittedly, the search started on 03.08.2021 in the premises of the petitioner at 8:30 AM and it continued till afternoon uptil 3 o’clock and thereafter the petitioner was taken to office of respondent for recording of his statement. It was recorded till 7.55 PM when he was arrested. He was then produced on 04.08.2021 at about 4 PM before the learned Court. The question is whether he was produced before Court within 24 hours of his arrest. Deepak Mahajan [1994 (1) TMI 87 - SUPREME COURT], Roshan Biwi [1983 (11....... + More
- 2021 (10) TMI 48 - DELHI HIGH COURT
Acute shortage of staff members as also vacancies at the level of the Chairperson, Member (Administration) and Member (Law) - HELD THAT:- Considering the fact that benches of the Adjudicating Authority hold hearings, and the quantum of cases is considerable, it is not sufficient to merely fill up the vacancies as they exist today, but there is also a need to increase the manpower within the Adjudicating Authority, in order to enable the authority to function in an efficient manner. Insofar as the Chairperson is concerned, it is submitted by Mr. Mahajan, ld. CGSC, under instructions from Mr. Pandey, that the selection for the Chairperson is underway and is likely to conclude shortly - For the positions of Member (Administration) and Member (Law), the proposal for issuance of vacancy circulars is stated to be under consideration. Since thes....... + More
- 2021 (9) TMI 1283 - RAJASTHAN HIGH COURT
Seeking grant of stay on arrest warrants - Money Laundering - non-speaking order - issuance of non-bailable warrants for the appearance of petitioners - offence punishable under Section 3 read with Section 4 of the PML Act - HELD THAT:- Without commenting upon detailed merits of the cognizance order, it would suffice to hold that the petitioners have not been able to demonstrate any prima facie case for staying the impugned order by which cognizance has been taken against them. Looking to the various pronouncements of Hon’ble Supreme Court in which it has been held that severity of the offence for which a cognizance has been taken against the petitioners and other relevant factors, the trial court has discretion to issue non-bailable warrants. Keeping in mind that the cognizance has been taken for offences punishable under the PML A....... + More
- 2021 (9) TMI 671 - DELHI HIGH COURT
Revival of twin conditions for bail under Section 45 of PMLA after having been declared as unconstitutional - parallel provision to Section 482 Cr.P.C. or not - limitation imposed on civil powers existed in Section 482 Cr.P.C. by Section 362 Cr.P.C. - HELD THAT:- The reliance placed by the applicant/petitioner on the decisions of the Hon’ble Supreme Court in cases of NEW INDIA ASSURANCE CO. LTD. VERSUS KRISHNA KUMAR PANDEY [2019 (12) TMI 1509 - SUPREME COURT] as well as STATE OF PUNJAB AND SUMEDH SINGH SAINI VERSUS DAVINDER PAL SINGH BHULLAR & ORS. ETC. [2011 (12) TMI 656 - SUPREME COURT] is to state that inherent powers of the Court u/s 482 of Cr.P.C. are saved by Section 362 of Cr.P.C. but in NEW INDIA ASSURANCE CO. LTD. VERSUS KRISHNA KUMAR PANDEY [2019 (12) TMI 1509 - SUPREME COURT] the petitioner was ex parte/not heard and ....... + More
- 2021 (9) TMI 661 - ANDHRA PRADESH HIGH COURT
Money Laundering - seeking grant of regular bail - conspiracy - creating false and forged documents for the purpose of cheating and used the said false documents as genuine knowing fully well as false and made transactions in various banks fraudulently - satisfaction of condition of twin limitation for grant of bail u/s 45 (1) of PMLA Act - HELD THAT:- This Court without going into merits of the case, taking into consideration the factors that the petitioner has been languishing in jail from the last 360 days, petitioner himself voluntarily surrendered before the Court below in the year 2019, other accused were already enlarged on bail and the health condition of petitioner, this Court deems it appropriate to grant interim bail to the petitioner for a period one month on certain conditions. The petitioner shall be enlarged on interim bail....... + More
- 2021 (9) TMI 478 - BOMBAY HIGH COURT
Applicability of application u/s 439(2) of the Cr.P.C. - accused is released from the ‘custody’ or not - decision in Nikesh Tarachand Shah [2017 (11) TMI 1336 - SUPREME COURT] has lost its significance because of amendment in Section 45(1) of the PMLA Act or not - irrelevant material acted upon or not - relevant material ignored or not? Whether Section 439(2) of the Cr.P.C. can have no application unless accused is released from the ‘custody’? - HELD THAT:- The instant application filed by the prosecution under Section 439(2) is maintainable, although the accused actually has not been released. Primary objection as to the maintainability is overruled. Whether decision in Nikesh Tarachand Shah [2017 (11) TMI 1336 - SUPREME COURT] has lost its significance because of amendment in Section 45(1) of the PMLA Act? - HELD....... + More
- 2021 (9) TMI 370 - BOMBAY HIGH COURT
Provisional attachment of immovable properties - scheduled offences under para ‘A’ of the schedule to the PML Act - proceeds of crime - recovery of cash amount form residential premises - equitable relief under the writ jurisdiction of this Court - Section 5(1) of the Prevention of Money Laundering Act, 2002 - HELD THAT:- The petitioners have not challenged the show-cause notice and are only seeking to challenge the provisional attachment order. The reason assigned by the petitioners is that the present challenge was filed before this Court on 28th April, 2021 i.e. much prior to the show-cause notice dated 17th June, 2021 and thus, the same will remains alive inspite of the show-cause notice. The petitioners cannot thwart the due process of law and halt the investigation under the guise of raising insignificant things. We have....... + More
- 2021 (9) TMI 50 - ALLAHABAD HIGH COURT
Seeking grant of anticipatory bail - predicate offence - alleged irregularities in the utilization of funds of Government of India - pre-trial detention of the accused-applicant - Sections 120-B r/w Sections 420, 409 of IPC and Section 13(2) r/w Section 13(1)(d) of the Prevention of Corruption Act against several persons - HELD THAT:- The twin conditions as imposed by Section 45 of PMLA cannot be looked into while deciding the bail/anticipatory bail application as the same are violative of Articles 14 and 21 of Constitution of India. The Hon'ble Supreme Court in different decisions held that economic offences constitute a class apart, the Court need to visit the same with a different approach in the matter of bail/anticipatory bail and should be loathed while extending the benefit of bail/pre-arrest bail to a person accused of such of....... + More
- 2021 (8) TMI 1176 - GUJARAT HIGH COURT
Attachment of property - proceeds of crime - first right or claim over the properties - HELD THAT:- The finding recorded is that the attached properties are not proceeds of crime. Mr. Vyas, the learned ASG is prima facie right in his submission that this particular finding recorded by the Appellate Tribunal would put an end to the criminal complaint filed by the appellant under the PMLA. It can be suggested that the Bank and the appellant may jointly put the properties to auction and try to fetch a good price. If successful in this exercise, then the amount shall neither go to the Bank nor shall go to the appellant, but we may ask them to deposit the entire amount with the Registry of this Court or we may ask them to open an Escrow Bank Account and deposit the same. We shall decide above the precedence once the auction is successful. Post this matter on 06.09.2021.
- 2021 (8) TMI 779 - RAJASTHAN HIGH COURT
Money Laundering - proceeds of crime - power of Directorate of Enforcement to declare any property acquired by proceeds of crime - Section 5(4) of the PMLA, 2002 - HELD THAT:- A person who is interested relating to any immovable property or is claiming or is entitled to claim any interest in the property would be free to enjoy the said immovable property even if the same is attached. If the property is confiscated by the Central Government, such claimant with legitimate interest in the property or who may have suffered a quantifiable loss as a result of offence of money laundering may move appropriate application for restoration of such confiscated property or a part thereof - so far as interested person or any claimant is concerned, they did not have any locus to challenge the attachment order at all. While the statute protects them in s....... + More
- 2021 (8) TMI 665 - TELANGANA HIGH COURT
Money Laundering - scheduled offences - hearing on charges and trial proceedings in subject Sessions Cases registered for the offences under PML Act before commencement of hearing on charges and trial proceedings in the subject Calendar Cases registered for the predicate/scheduled offences - conduct of trial proceedings of predicate/scheduled offences and offences under PML Act simultaneously or not - HELD THAT:- A bare reading of Sections 2(1)(u), 3 and 44(1)(d) of PML Act along with explanations thereof makes it clear that the offence of money laundering is a stand-alone offence and the trial proceedings are completely different to that of the scheduled offence. Trial of money laundering offence is independent trial and it is governed by its own provisions, it will not meddle with the trial of scheduled offence. Similar question came up....... + More
- 2021 (8) TMI 404 - DELHI HIGH COURT
Cheating - proceeds of crime - accused induced gullible victims to invest in a bike and receive monthly pay back, including principle and rental income on that bike for one year under the scheme - accused absconded with the money - accused was not registered as a NBFC with the RBI and hence it was not authorized to initiate any collective investment scheme - HELD THAT:- The purpose of enacting the PMLA was to prevent money laundering and to prevent confiscation of property derived from or involved in money-laundering. The purpose of investigation under the PMLA is to unearth the proceeds of crime and attach the same and to punish the offenders who are involved in committing the offence of money-laundering. Section 45 (1A) mandates that no Police Officer shall investigate into an offence under the PMLA unless specifically authorised by a g....... + More
- 2021 (8) TMI 264 - DELHI HIGH COURT
Seeking grant of Bail - criminal conspiracy - cheating and fraud - fraudulent import of fertilizers and other materials for fertilizer production at inflated prices and claimed higher subsidy from Government of India causing loss of several crores of rupees - siphoning off the commission received from the suppliers through a complex web of fake commercial transactions through multiple companies - Flight risk - HELD THAT:- Even if the allegation was one of grave economic offence, it was not a rule that bail should be denied in every case. Flight risk - HELD THAT:- It is the admitted case of the department that over the period of last 10 years the petitioner has gone abroad atleast 90 times for various purposes - The petitioner was even allowed to travel abroad by this Court twice subject to conditions despite the opening of LOC against him....... + More
- 2021 (8) TMI 134 - MADRAS HIGH COURT
Money Laundering - Bribe - proceeds of crime - seeking to quash the proceedings that has been launched by the Enforcement Directorate for the offence under Section 3 read with 4 of the Prevention of Money Laundering Act, 2002 - HELD THAT:- In this case, the proceeds of crime quantified by the Enforcement Directorate at ₹ 25,00,000/-, being the bribe amount that was received by Dr. S. Murugesan (A1) in his clinic on 07.01.2013, was seized by the CBI and therefore, there was no scope for Dr. R. Gunaseelan (A2) to project it as untainted money. Superadded, Dr. R. Gunaseelan (A2) is not a co-accused even in the prosecution that has been launched by the CBI in C.C.No.15/2014 against Dr. S. Murugesan (A1) and the representatives of Adhiparasakthi College. The impugned complaint of the Enforcement Directorate shows that Dr.S.Murugesan (A1)....... + More
- 2021 (8) TMI 85 - MADRAS HIGH COURT
Illegal quarrying - quarrying illegally in Government lands which were not allotted to appellant - scheduled offence or not - inadequate evidence/conclusion - case of petitioners is that when the report submitted by Mr. Sagayam, I.A.S. (who was appointed to conduct an enquiry into the allegations) itself has not been disclosed or made public and when the said report is also being contested by the licencees, the foundation for the present prosecution under the PML Act is weak - HELD THAT:- The issue decided by this Bench very recently in M. SURESH KHATRI AND M/S. MOHANLAL JEWELLERS PVT. LTD. VERSUS DIRECTORATE OF ENFORCEMENT DEPUTY DIRECTOR GOVERNMENT OF INDIA MINISTRY OF FINANCE [2021 (6) TMI 990 - MADRAS HIGH COURT] where it was held that The prosecution has to prove the offence, by adducing evidence and this opportunity has to be given to the prosecution in this case too. Petition dismissed.
- 2021 (7) TMI 1273 - CALCUTTA HIGH COURT
Continuation of an adjudication pursuant to a provisional attachment order - sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2020 - HELD THAT:- This Court is of the view that the order of the Hon’ble Supreme Court in IN RE COGNIZANCE FOR EXTENSION OF LIMITATION [2021 (5) TMI 564 - SC ORDER] has clearly extended the time for all pending proceedings both judicial and quasi-judicial by reason of the order dated 27th April, 2021. The first order was made on 6th May, 2020. The period of 180 days, therefore, did not expire and the time limit for adjudication of 180 days may be deemed to have extended. This Court is not inclined to stay the proceeding before the adjudicating authority - Let affidavit-in-opposition be filed to the writ application within a period of four weeks from date. Reply, if any, be filed within one week thereafter.
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