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Money Laundering - Case Laws
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2023 (1) TMI 1051
Provisional attachment of properties under Section 5 of the Prevention of Money Laundering Act, 2002 - no proceedings relating to the predicate offense may have been initiated by the competent agency functioning under an independent statute and in terms of which the scheduled offense stands created - whether the ED could be recognised to have the jurisdiction to enforce the measures contemplated in Section 5 of the Act solely upon it being of the opinion that the material gathered in the course of an investigation or enquiry evidences the commission of a predicate offense? HELD THAT:- The Court finds that till date the ED has failed to take any steps as are envisaged under Section 66(2) of the PMLA. As would be manifest from a reading of sub-section (2) of Section 66 if the Director or other authority on the basis of material in its posse....... + More
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2023 (1) TMI 1050
Money Laundering - proceeds of crime - Accumulation of disproportionate assets accumulated by the accused/ MLA/ Minister, Anos Ekka and Harinarayan Rai - criminal conspiracy - misappropriation - criminal breach of trust - cheating forgery fraudulent execution of deed of transfer containing false statement of consideration amount - acquiring assets disproportionate to his known lawful source of income and also to have acquired lands in violation of C.N.T. Act in the name of his wife Smt Menon Ujjana Ekka - scheduled offence/predicate offence. HELD THAT:- The three ingredients of the offence under Section 3 read with Section 4 of PMLA are: I. A criminal activity which is a scheduled offence, should have been committed. II. Some money should have been generated by the criminal activity; III. The money so generated (proceed of the crime) shou....... + More
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2023 (1) TMI 919
Money Laundering - generation of proceeds of crime or not - alleging perpetration of criminal activities in the sanction and disbursement of credit facility to the company - role of petitioner in the commission of offence - HELD THAT:- The requirement of projecting the proceedings of crime as untainted property may be one of the modes by which the offence is committed and is no longer a sine qua non for constituting the offence of money-laundering under Section 3 of the PML Act. The predicate offence against the petitioner is that he fraudulently sanctioned and disbursed the loan. The loan is, therefore, the proceeds of crime. It is necessary to notice that the scope of Section 3 is wide enough to cover all persons who “directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in....... + More
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2023 (1) TMI 846
Provisional attachment order - case of petitioner is that Madura Chemicals Pvt. Ltd. was acquired by the petitioner in the year 2015 and that the petitioner was never put on notice either after the provisional attachment order was passed or when the confirmation order was passed by the Adjudicating Authority - HELD THAT:- Madura Chemicals Pvt. Ltd. has been specifically added as a party before the Adjudicating Authority and it is represented by the above said Mathesh. We are dealing with a legal persona in the present case and it is enough if notice is issued to the company. The grievance of the petitioner that he did not personally know about this case is a matter to be resolved with Mathesh, who had received money from the petitioner enabling the petitioner to acquire the company. Hence, we are not satisfied with the contention raised b....... + More
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2023 (1) TMI 809
Money Laundering - schedule offence - proceeds of crime - non-existent or non-functional or fake functional MSMEs - offences under Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988 besides Sections 420, 468, 471 and 120-B IPC - HELD THAT:- The PMLA is a law linked with the scheduled offence. The same is evident from a sincere reading of Sections 5 and 8 of PMLA as it stood prior to 2009 and 2013 Amendments. In Section 5 of the PMLA (as it was originally enacted), a condition prerequisite for an order of provisional attachment of property was that the accused has been charged of having committed a scheduled offence. The said requirement was diluted to the effect that notwithstanding the above, provisional attachment could be ensured under Section 5 of PMLA when the concerned officer expressed his view in wr....... + More
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2023 (1) TMI 808
Money Laundering - proceeds of crime - when a juristic person has been arrayed as an accused in a prosecution, who should have to represent such a legal persona? - HELD THAT:- A12 has volunteered to represent the juristic person A13. In view of the same, the juristic entity has nominated a person to represent it in the prosecution and as a result, the petitioner can be discharged from the complaint. This Criminal Revision Case stands allowed.
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2023 (1) TMI 744
Seeking grant of bail - Money Laundering - proceeds of crime - collection of funds under false promises of exorbitant high rate of interest on the deposits - HELD THAT:- Primarily delay in trial is attributable to the accused. Though the complaint was filed in the year 2018. The trial court could deliver the copies under Section 207 of the Cr.P.C only on 22nd March, 2022 to the accused. Prosecution cannot be blamed for causing delay in conducting ML Case No.2 of 2018. It is also not out of place to mention that the petitioner is involved in money laundering of huge sum of money amounting to Rs.1750 crores (approximately). He has already siphoned out a sum of Rs.6666 crores which are proceeds of crime. The Enforcement Directorate has also produced reports and documents as to how the petitioner tried to coerce the present director of M/s Ch....... + More
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2023 (1) TMI 694
Money Laundering - provisional attachment order - scheduled/ predicate offence - proceeds of crime - Petitioners have been discharged in the scheduled/ predicate offence - It is submitted by petitioner that a closure report filed by the CBI has been accepted by the Trial Court in respect of the predicate offence and no criminal charges are now pending against the Petitioners - HELD THAT:- A perusal of the orders passed in Parvathi Kollur [2022 (8) TMI 1256 - SC ORDER] leaves no matter of doubt in the mind of the Court that if there is an acquittal/ discharge or a closure report has been filed in the predicate offence, the ECIR would not stand and the same would be liable to be quashed. For example, in ADJUDICATING AUTHORITY (PMLA) AND ORS. VERSUS SHRI AJAY KUMAR GUPTA & ORS. [2023 (1) TMI 681 - SC ORDER], there was acquittal in the pr....... + More
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2023 (1) TMI 682
Validity of attachment order - acquittal in respect of predicate offence - HELD THAT:- The appeals filed by the Adjudicating Authority (PMLA) do not survive and are accordingly disposed of.
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2023 (1) TMI 681
Validity of attachment order - acquittal in respect of predicate offence - HELD THAT:- The appeals filed by the Adjudicating Authority (PMLA) do not survive and are accordingly disposed of.
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2023 (1) TMI 642
Search and seizure conducted on 17.10.2022 and consequential panchanamas contrary to the Section 17 of the Prevention of Money Laundering Act - Challenge on the ground that the reasons are to be recorded in writing before issuing search warrant and the reasons are to be communicated immediately after the search and seizure - reasons to believe - HELD THAT:- This Court is of considered view that the Additional Director of the Enforcement Directorate without recording the 'reasons to believe' issued search warrant/authorisation to his subordinates and the Deputy Director of the Enforcement recorded the reasons to believe without any date and time, which clearly shows that without following the requirements under Section 17 (1) of PML Act conducted search and seizure and seized jewellery, cash and other articles belonging to the peti....... + More
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2023 (1) TMI 596
Money Laundering - Seeking grant of Regular Bail - objection taken in the affidavit is that prior to the arrest, two times non-bailable warrants were issued to which the petitioner did not respond and during the custody period, he has not cooperated with the investigation - apprehension that if the petitioner is enlarged on bail, he may misuse the concession of bail or evade the process of law or may not face the trial - twin conditions under Section 45 of the PMLA Act not fulfilled - HELD THAT:- It is not disputed that the petitioner when released on interim bail has undergone about 06 months of custody. Since the petitioner is seeking parity with the co-accused, who has already been granted the concession of regular bail vide order dated 01.07.2022 wherein it was observed that the co-accused qualifies the triple test under Section 45 of....... + More
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2023 (1) TMI 595
Money Laundering - provisional attachment order - Seeking permission to cross-examine the three person - As per the Petitioner, an order passed in an application seeking cross-examination is merely a procedural order, and not one under either of the provisions specified in Section 26 - HELD THAT:- The powers of the Adjudicating Authority, under Section 8 of PMLA, are quite vast. The said provision stipulates the various steps to be taken, prior to the passing of the final order by the Adjudicating Authority. The Adjudicating Authority has to consider the show cause notice, the reply of the notice/s, hear the aggrieved person, as also, the Director or any officer authorised on his behalf, take into account all relevant materials placed before it, and thereafter, by an order record a finding whether any or all of the property is involved in....... + More
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2023 (1) TMI 510
Seeking grant of Regular Bail - Money laundering - settlement of the commission and the betting amount was done mainly through hawala operators in cash or through crypto currency with each individual player and the Union Head, by their respective club managers - offences under Sections 3 and 4 of Goa Gambling Act - no scheduled offences against any of the Accused including Applicant Nos. 1 and 2 - HELD THAT:- From definition of proceeds of crime, it clear that when any property, either directly or indirectly, is derived or obtained as a result of any criminal activity relatable to a scheduled offence, it would be “proceeds of crime”. Therefore, for there to be any “proceeds of crime”, the property must be derived or obtained as a result of any criminal activity relatable to a scheduled offence. If any property is o....... + More
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2023 (1) TMI 502
Seeking grant of Bail - existence of offence of Money Laundering or not - scheduled offences punishable under Sections 402, 406, 465, 467, 468, 471 and 120-B of the Indian Penal Code, 1860 - predicate offence - filing of C-Summary report - whether filing of C-Summary report and acceptance by the Magistrate take away the seriousness of the offence as independent proceedings are registered and as charge- sheet is already filed in the PMLA case? - HELD THAT:- It is pertinent to note that in the present case, the complainant at whose instance the proceedings were initiated submitted his no objection to the acceptance of the C-Summary report. The MMRDA which is alleged to have suffered losses has not filed any complaint of breach of contract or that they are defrauded. Of course, these are matters to be taken into consideration by the Special ....... + More
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2023 (1) TMI 298
Provisional attachment order - seeking eviction of the present owner - the case is that since the Petitioner is 50% owner of all these properties, the occupants cannot be evicted in this manner - HELD THAT:- Admittedly, Sh. Pankaj Jain and Sh. Sanjay Jain are brothers. They own equal shares in the properties listed above. The ED is seeking eviction of the occupants from the properties, qua the share of Sh. Pankaj Jain, but the same are under occupation of the family of Sh. Sanjay Jain or tenants. The appeal filed by Sh. Pankaj Jain against whom the attachment order has been finally confirmed, is presently pending before the Appellate Tribunal constituted under Section 25 of PMLA. A perusal of Section 26 of the Prevention of Money Laundering Act, 2002 shows that orders of attachment passed by the Adjudicating Authority are appealable to th....... + More
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2022 (12) TMI 1243
Criminal conspiracy - scheduled offences - predicate offences - Large scale bungling - misappropriation and cheating of public funds, while implementing the NRHM by the government officials, in active connivance and conspiracy with private persons - HELD THAT:- Offence of money laundering is clearly a distinct and distinguishable from predicate offence. The FIR could be triggering point for initiation of proceedings under the PMLA. If it is found that the accused have also committed an offence which is punishable under the PMLA, the prosecution under the PMLA will be initiated by filing complaint under Section 45 of the PMLA. The scheduled offence and offence of money laundering are mutually exclusive and independent of each other. The offence under Section 3 of the PMLA does not prescribe any limit of proceeds of crime for initiating the....... + More
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2022 (12) TMI 1242
Money laundering - misappropriated the loan amount - company has misappropriated the money lent by the bank and there was clear cut diversion of funds by the company - HELD THAT:- Money laundering often involves a complex series of transactions and it generally includes placement i.e. introduction of the proceeds of crime into the financial system. The proceeds of crime is layered in several financial transactions to distance the illicit proceeds from their source and to disguise the audit trail. In this process, a series of conversions or transactions are involved for moving the funds and places such as offshore financial centers operating in a liberal regulatory regime. The proceeds of crime is invested in the legitimate economy, so that the money may get the colour of legitimacy and this is achieved by techniques such as lending the mo....... + More
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2022 (12) TMI 1198
Money laundering - loans were fraudulently obtained by KSBL from banks/Financial Institutions by declaring clients’ shares as its own shares - Direction to grant extension of time to the petitioners to prepare a reply to the show cause notice, for a further period of two months and consequently exclude two month period from the computation of 180 days under Section 5(3) of the Prevention of Money Laundering Act, 2002 - HELD THAT:- No doubt that the adjudicating process as envisaged under Section 8 of the Act is time-bound process. Timelines are mentioned therein. Therefore, in view of the said discussion, according to this Court, the petitioners are entitled to grant of extension of some reasonable time to submit reply to the show cause notice, dated 19.09.2022. According to this Court, two months time from today is reasonable. Acco....... + More
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2022 (12) TMI 1197
Seeking grant of anticipatory bail - money laundering - scheduled offences - ponzi companies - petitioner is alleged to be instrumental in facilitating co-accused Pranjil Batra for purchasing/acquiring 10 dummy/paper/fictitious companies in cash consideration to the tune of Rs.42 crores through 'accommodation' entries - HELD THAT:- The role of the petitioner when examined make it clearly apparent that he has indulged into money laundering by way of facilitating co-accused in execution of the fraud through dubious modus-operandi. Money laundering criminals use shell companies because shell companies are commercial companies that appear legitimate but are actually controlled by criminals. These shell companies mix illegal funds with legitimate funds to hide unfair income. Front companies are not only aiming to make a profit but also....... + More
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