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Money Laundering - Case Laws
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- 2020 (3) TMI 1006
Restoration of possession of property - legal question raised by Respondent that this Tribunal is not empowered to restore the possession is not agreed to on the ground that the power of this Tribunal to issue stay order as well as order consequential thereto is inherent - HELD THAT:- The section 35(2)(h) of the PMLA, 2002 has empowered this Tribunal to set aside any order of dismissal of any representation for default or any order passed ex-parte. The restoration of possession in the present case is consequential to the order of restoration of appeal which was dismissed for default. The restoration of possession is an order during the pendency of the appeal and the status of the order of restoration of possession is same as in the case of passing of stay order. The main allegation against the appellant with respect to this property is th....... + More
- 2020 (3) TMI 662
Condonation of delay of 80 days in filing the appeal - Time Limitation - Section 5 of Limitation Act, 1973 - HELD THAT:- It is an admitted case of applicant that initially appeal was filed on 24.12.2019 vide diary No.1621374/2019 and same was returned under objections which is still pending in the Registry. Whereas, in para 5 of the captioned appeal, it is specifically mentioned that no other appeal is filed or pending before this Court or any other Court - Learned counsel for applicant submits that instead of re-filing the appeal filed on 24.12.2019, the applicant/appellant has filed the present appeal by mistake. As per Section 42 of PMLA, 2002, any person, aggrieved by any decision or order of the Appellate Tribunal, may file an appeal before the High Court within 60 days from the date of communication of the decision or order of the A....... + More
- 2020 (3) TMI 460
Fraudulent availment of VAT refund - Validity of Provisional Attachment Order - Money Laundering - proceeds of crime - Adjudicating Authority confirmed the attachment for a period of 90 days during the pendency of investigation or pendency of the proceeding before a court under PMLA - case of appellant is that at the time of expiry of 90 days from the date of confirmation order investigation was pending; property in question was purchased much prior to not only commission of alleged offence but also introduction of PMLA; and there is non-compliance of the requirement of recording of reasons prior to provisional attachment of property. HELD THAT:- Two sets of proceedings are initiated under PMLA after recording of ECIR. In first set of proceedings, initiated by Enforcement Department, property i.e. proceeds of crime are provisionally attac....... + More
- 2020 (3) TMI 379
Restraint on Arbitral Tribunal from proceeding with the arbitral claim made by appellant - liabilities pertaining to prenationalisation period - recovery proceedings - sick company - HELD TAHT:- Since the present examination herein is limited to the aspect relating to forum and when it is seen that the claim initially made by the appellant is against the Shree Sitaram Mills Ltd. and the Respondent No.1 herein is disputing the liability for the same by bringing about a distinction since the takeover was only of Shree Sitaram Mills and not of Shree Sitaram Mills Ltd., an adjudication on that aspect to be made cannot be considered as a dispute as involving only the two public sector establishments as contemplated under the Official Memorandum. Upon consideration of evidence adduced by the parties it has to be determined in that light as to w....... + More
- 2020 (3) TMI 202
Money Laundering - proceeds of crime - allegation that proceeds of crime utilised subsequently by the accused persons for acquisition of various movable/immovable assets so as to project them as "untainted" on continued basis even after 1st June, 2009, which is an offence under Section 3 of PML Act - HELD THAT:- It is undisputed that initially, ECIR was registered with the allegation that the total value involved in the instant offence is more than ₹ 30 lac and due to contravention of provisions under Section 37 of the Act, the proceeding was initiated in terms of the provisions under Section 2y(ii) of the PML Act for the purpose of investigation. It is also undisputed that during the course of investigation, Assistant Director, Directorate of Enforcement wrote a letter to Chief Environment Officer on 13th December, 2013 a....... + More
- 2020 (3) TMI 86
Provisional attachment of Fixed Deposit - It is the case of the petitioner that the third respondent has not followed the procedure contemplated under proviso to Section 8(1) of the Prevention of Money Laundering Act, 2002 by giving notice to the petitioner bank before passing the final orders confirming the provisional attachment - HELD THAT:- As seen from the first proviso to section 8(1) of the Prevention of Money Laundering Act, 2002, it is clear that before passing final orders of attachment under Section 8(1), a notice shall be sent not only to the offender, but also to a person in whose custody the property of the offender is being held - In the case on hand, the fixed deposit is alleged to have been created by the fourth respondent with the petitioner bank. In fact, a copy of the provisional order of attachment dated 15.03.2012 wa....... + More
- 2020 (3) TMI 85
Maintainability of appeal - money laundering - an appeal under section 42 of the Prevention of Money Laundering Act, 2002 has been filed by the Central Government and the same has been registered as APO - HELD THAT:- Section 54 of the Foreign Exchange Regulation Act, 1973 and section 35 of the Foreign Exchange Management Act, 1999 are pari materia with section 42 of the 2002 Act, yet, absence of any reference to the 2002 Act in the said Rules is a bit surprising. Absence of a code number for appeals that are carried in terms of or under section 42 of the 2002 Act and presented before this Court has resulted in assigning case code APO to this appeal. This is coupled with the omission in the said Rules to indicate which Bench would have the determination to entertain such an appeal, which has resulted in the aforesaid order of assignment. A....... + More
- 2020 (3) TMI 21
Grant of Bail - Money Laundering - allegation of illegal schemes to mobilise deposits from the innocent investors including the deposits under the scheme of issue of debentures with false assurance of high return and thereby generated huge sums of money for different purposes by making fool the common people - case of Respondent is that the present petitioner being the Debenture Trustees of the company was responsible for the acts and daily affairs of the company at the relevant time and as per his plan and advice, the company planned such illegal schemes - HELD THAT:- It would appear from the investigation report that the petitioner accused the Debenture Trustee member accused no. 1 was responsible for the acts and affairs of the company and at the relevant time he planned and designed the illegal schemes to mobilise deposits from the in....... + More
- 2020 (3) TMI 20
Bail application - money laundering - Section 439, read with Section 436A of the Code of Criminal Procedure, 1973 - period of detention of an under trial prisoner - whether any delay has been caused by the said accused person and the offence is not punishable with death? - HELD THAT:- The learned counsel has adverted to the provision of Section 436A of the Code of Criminal Procedure giving emphasis to the proviso clause that the Court may after hearing the public prosecutor and for reasons to be recorded by it in writing, order the continued detention of such person for a period longer than one-half of the said period or release him on bail instead of the personal bond with or without sureties; provided further that no such person shall in any case be detained during the period of investigation, inquiry or trial for more than the maximum ....... + More
- 2020 (2) TMI 1258
Provisional attachment of confiscated proceeds of crime - Validity of provisions of Section 8 (4) of the Prevention of Money Laundering Act, 2002 - vires of of Article 14 of the Constitution of India - offence of money laundering - HELD THAT:- The Act was brought in to ensure that proceeds of crime are attached and offenders who participate and assist in the commission of crime do not enjoy the benefits of the property which is relatable to the proceeds of the crime. The Prevention of Money Laundering Act, indicates to make Money Laundering an offence under Section 3 and proceeds for punishment which extends to imprisonment. The Act envisages attachment of all properties involved in the offence of Money Laundering and the proceeds of such crime falls within the scope of the Act. It is well known that perpetrators of crime try to conceal t....... + More
- 2020 (2) TMI 1257
Grant of anticipatory bail - Money Laundering - allegation against the petitioners for being in possession of disproportionate assets to the known sources of his income - Section 45(1) of the PMLA - HELD THAT:- Both the parties have tried to argue the case on merits, which in considered opinion of this Court is not necessary for deciding the bail, lest it may prejudice the case of any of the parties. Evidently, the investigation started in the complaint w.e.f. 18.02.2016. For more than 2½ years, the petitioners were never sought to be arrested, rather they were allowed to join the investigation by means of recording their statements and provisional attachment of their properties was also done. Petitioners could have been arrested under Section 19 of the PMLA, but the same was not done by the respondent- Department - Interim protect....... + More
- 2020 (2) TMI 1063
Preventing the petition from travelling abroad - Look Out Circular (LOC) having been issued against the petitioner - allegation against the petitioner, as a director of a company against which there were certain allegations of default of a loan given by the respondent no. 3 Bank - Prevention of Money Laundering Act - HELD THAT:- A bare perusal of the contract of employment of the petitioner, annexed as annexure P2 at page 29, shows that the outer limit within which the petitioner has to returned in India is 5 months from the commencement of the date of his voyage. As such, in the present case there is little or no scope for the petitioner to remain out of India after the said period - That apart, in the present case, the travels sought by the petitioner are not even for luxury but to maintain his livelihood, since he is a sailor by occupa....... + More
- 2020 (2) TMI 1027
Enlargement of applicant in the event of her arrest - Section 438 of the Code of Criminal Procedure, 1973 - HELD THAT:- It is revealed that the respondent - investigating agency has registered the case against the applicant. In connection with the said case, summons under Section 50 of the PMLA came to be issued to the applicant thrice. It is not in dispute that applicant did not remain present before the investigating agency and thereby not cooperated with the said agency. From the material placed on record, it is further revealed that against the husband of the applicant viz. Sanjay Gupta and others, FIR being C.R.No.I3 of 2015 is registered with CID Crime, Gandhinagar. Thus, in the facts and circumstances of the present case, when the investigating agency has issued the summons under Section 50 of the PMLA to the applicant, applicant w....... + More
- 2020 (2) TMI 1026
Provisional Attachment of property - money laundering - proceeds of crime - reasons to believe - issuance of show‐cause notice under Section 8(1) of the PMLA - It is argued that the “reasons to believe” under Section 8(1) was a necessary pre‐requisite of the notice and had to be disclosed to the petitioner for the latter to effectively give a reply - HELD THAT:- Although Section 5 specifically mentions that the reason for such belief is to be recorded in writing, such requirement is absent in Section 8. Section 8 stipulates that if the AA has reason to believe that any person has committed an offence under Section 3 or is in possession of proceeds of crime, it may serve a notice of not less than thirty days on such person calling upon him to indicate the sources of his income, earning or assets, out of which or by ....... + More
- 2020 (2) TMI 1019
Grant of Anticipatory Bail - offence under Section 4 of the Prevention of Money Laundering Act, 2002 - Money Laundering - HELD THAT:- There are sufficient materials available on the record that shows the hand of the petitioner, who in collusion with several other accused persons was involved in the money laundering of crores of rupees. The privilege of anticipatory bail cannot be to the petitioner - application dismissed.
- 2020 (2) TMI 1017
Money Laundering - Scheduled Offences - compliance with the provisions of Section 44(1)(c) of Prevention of Money Laundering Act, 2002 - HELD THAT:- The jurisdiction of Special Court, while dealing with the offence under the provisions of the Act, during investigation, inquiry or trial shall not be dependent upon any orders passed in respect of the scheduled offence. It is also clarified that the trial of both sets of offences by the same court shall not be construed as a joint trial. There is no illegality in the impugned order passed by the court below with the observation that the court has no jurisdiction to direct the agency to move any specific application while rejecting the application B-11 filed by the applicants with the prayer to issue necessary orders directing the Enforcement Directorate to comply the provisions of Section 44(1)(c) of the Act so as to give effect to the provisions in its true spirit. Application dismissed.
- 2020 (2) TMI 866
Validity of order passed by way of corrigendum - incompetence of the Adjudicating Authority in passing the order by way of corrigendum - the order passed by the Adjudicating Authority after having become funtus officio - power of review - Delivery of the possession of the ground floor of the property attached - HELD THAT:- The appellant has taken the legal plea about the incompetence of the Adjudicating Authority in passing the order dated 09.10.2019 by way of corrigendum. The said order dated 09.10.2019 is under challenged before this Tribunal and the same is pending. The legal plea which has been taken in the application has also been taken in that appeal. If the order dated 09.10.2019 is considered and any decision is taken in the present application on the same legal issue than it would have the effect on the merit of the said appeal........ + More
- 2020 (2) TMI 453
Restoration of appeal - appeal dismissed for non-prosecution - service of order - no notice for hearing was served upon the Appellant - HELD THAT:- The facts that as emerged from the pleadings, record and oral submission, the appellant has advanced the reasons of non-filing of the applications for condonation of delay. One of the ground is that he could not know about the passing of the order dated 27.11.2019 as the said order was not uploaded in the website. Section 26(5) of the Prevention of Money Laundering Act, 2002 cast a mandatory duty on the Appellate Tribunal to send a copy of the every order made by it to the parties to the appeal. There is nothing on record to show that copy of the order dated 27.11.2019 has been sent to the appellant. That being so, in fact, there is no delay in filing the appeal. The grounds of restoration adv....... + More
- 2020 (1) TMI 1076
Money Laundering - proceeds of crime - offence punishable under Sections 3 & 4 of the Prevention of Money Laundering Act, 2002 - main allegation in the FIR was with regard to misuse of official position of the accused and to hatch criminal conspiracy to cause loss of revenue to the State Exchequer - criminal breach of trust - HELD THAT:- This court finds that in the present facts of the case, the trial court has taken into account the complaint which was filed against the accused persons and after going through the various statements and documents produced by the prosecution, the Sessions Judge found that there are sufficient grounds for taking cognizance against the accused persons and as such after considering contents of the complaint and material, the order of cognizance has been passed - This court finds that in exercise of revis....... + More
- 2020 (1) TMI 945
Attachment of property - property which was rented out for ₹ 65,000/- has been vacated by the tenant and the refundable security deposit of ₹ 3,00,000/- was adjusted against the last four months rent. The date of vacation has not been mentioned nor has the period against which the security deposit has been adjusted been revealed - notice issued under Section 8(4) of the PMLA - HELD THAT:- The property was rented out on the basis of unregistered rent agreement. Admittedly Mrs. Poonguzhali, appellant is the owner of the aforesaid property. She had executed the unregistered rent agreement on 01.04.2017. According to the said agreement, she was getting ₹ 65,000/- as rent per month from the tenant. She has not filed any affidavit though an affidavit has been filed by another appellant namely Mr. P.K.M. Selvam, who is her husb....... + More
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