|
Advanced Search Options
Money Laundering - Case Laws
Showing 1 to 20 of 464 Records
More information of case laws are visible to the Subscriber of a package i.e:-
Party Name, Court Name, Date of Decision, Full Text of Headnote & Decision etc.
- 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
- 2019 (10) TMI 961
Condonation of delay in filing appeal - appellant's case is that the reasons for delay in filing the appeals were beyond the control of the appellant - sufficient reasons or not? - Section 42 of the PMLA - Money Laundering - Provisional attachment of properties - proceeds of crime - scheduled offences - HELD THAT:- If any person is aggrieved by any decision or order of the Appellate Tribunal, he may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Appellate Tribunal to him. Proviso to this Section provides that if the High Court is satisfied that the appellant was prevented by sufficient cause from filing the appeal within the said period of sixty days, the High Court may allow it to be filed within a further period not exceeding sixty days. Thus, the proviso clearly man....... + More
- 2019 (10) TMI 371
Whether the learned Single Judge while passing the judgment and order dated 29th August 2019 exercised the power only under Articles 226 and 227 of the Constitution of India or under Articles 226 and 227 as well as under Section 482 of Cr.P.C.? HELD THAT:- Section 362 of Cr.P.C could not have come in the way of the learned Single Judge in considering the prayer made by the writ petitioners for continuation of the interim relief which was operating in the writ petitions. Even assuming that the learned Single Judge had exercised the power under Section 482 of Cr.P.C as well, what Section 362 of Cr.P.C prohibits is that the alteration of order except to the extent of correcting clerical and arithmetical errors. What was prayed for by the petitioners was the continuation of interim relief which was operative till the disposal of the writ peti....... + More
- 2019 (9) TMI 1196
Money Laundering - attachment of properties - non-filing of charge sheet at the time of passing the confirmation order - proceeds of crime - relationship of proceeds with alleged crime - whether the attachment lapses in the absence of non-filing of the charge-sheet at the time of passing the confirmation order before the Adjudicating Authority? HELD THAT:- It is admitted on behalf of respondent in its written-submission that the amendment dated 19.04.2018 amending section 8(3) of PMLA, 2002 brings into the effect that order confirming the attachment passed under section 8(3) would only subsist during the period of investigation for a period not exceeding 90 days. In other words, the prosecution complaint shall be filed under 45(1) PMLA, 2002 within 90 days of confirmation of provisional attachment order. This amendment is prospective in n....... + More
- 2019 (9) TMI 1108
Money Laundering - proceeds of crime - attachment of property - Rule 5 of the Prevention of Money-Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013 - HELD THAT:- In the present case, admittedly certain small portion of the immovable property was able portion where the appellant was operating office/Gym in the premises. However, the Respondent has taken the possession even before issuance of notice dated 23.02.2018 under subsection (4) of Section 8 of the Prevention of Money Laundering Act, 2002 (Act No. 15 of 2003) r/w Rule 5(1) of the Prevention of Money-Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013 as mentioned in the notice itself The said notice was served only 27.02.2018 after taking the possession. ....... + More
- 2019 (9) TMI 1033
Money Laundering - proceeds of crime - the appellant submits that no prosecution complaint has been filed against the appellant under PMLA, 2002 within the statutory period as prescribed in u/s 8(3)(a) of the PMLA-2002 than existed - HELD THAT:- In the present case, the impugned order was passed on 13.09.2018, the prosecution complaint has been filed on 03.05.2019 - The 90 days period for filing prosecution complaint from the date of impugned order has expired in the month of December, 2018 which is before the amendment of extending the period for filing the prosecution complaint to 365 days. A legal right has accrued to the appellant in view of the section 8(3)(a) of PMLA-2002 when the prosecution complaint was not filed within 90 days. The provision of Section 8(3) read with 8(3)(a) of the PMLA clearly provides that the attachment order....... + More
- 2019 (9) TMI 999
Money Laundering - Attachment of property - proceeds of crime - separate legal entity - FTIL is charged with the offence of money laundering and also NSEL is fully and wholly owned by FTIL - validity of attachment of properties of FTIL - HELD THAT:- It is difficult to hold that the attachment of assets of 63 Moons Technologies Ltd. (erstwhile Financial Technologies (India) Ltd.) is illegal and ultra vires the statutory definition of “Proceeds of crime”. “Proceeds of Crime” in the hands of NSEL if dissipated can only be substituted by other properties of National Spot Exchange ltd. (NSEL) itself - There is no concept of “equivalent” attachment in the hands of another legal entity. The said legal entity (63 Moons Technologies Ltd.) conducts its own independent business and earns therefrom. Admittedly, the....... + More
- 2019 (9) TMI 956
Bail plea in a money laundering case - white collar crimes/economic offenders - HELD THAT:- Tentacles of the crime are so widespread and it is not that the investigation can be segregated in respect of one or the other accused, the entire crime committed is indeed interlinked. The economic offences like the one in hand constitute a class part and they are not like other criminal cases and need to be visited with a different approach. Therefore taking note of huge magnitude of conspiracy angle qua petitioner, it would be premature to jump to the conclusion that investigation in this case in respect of the petitioner is complete, rather huge amount of money is still to be trailed. As gone through the diary of proceedings handed over by the ld. ASG during the course of the arguments and the perusal of the same shows that despite being in J.C....... + More
- 2019 (9) TMI 943
Offence under PMLA - Attachment of property involved in money-laundering - mortgage properties in favour of banks which are not purchased from proceeds of crime - HELD THAT:- In the event of the attachment being lifted, the RP would take steps to get a viable Resolution Plan. A Resolution Plan is a scheme and provides for payment of debts owed to various creditors of the company. The Committee of Creditors (“CoC”) is vested with the power to take a decision to approve, or reject a Resolution Plan. In the event that the CoC approves a particular Resolution Plan, it requires confirmation and approval by the Adjudicating Authority (National Company Law Tribunal). After approval of the Resolution Plan, the enterprise as a going concern would be handed over to the Resolution Applicant, under the supervision of the Monitoring Commit....... + More
- 2019 (9) TMI 942
Money Laundering - proceeds of crime - immovable property acquired as divorce alimony - whether any proceed of crime has been used by her and or her ex-husband, ShivrajPuri in acquiring the said property? - Attachment of the property. HELD THAT:- From the investigation conducted, it has inter-alia emerged that Shri Shivraj Puri by abusing his official position as the Relationship Manager in Citibank Gurgaon, and in furtherance to a criminal conspiracy hatched and executed by him together with his relatives/associates fraudulently opened and operated Custodian Account No. 5011666247 in the Bank in the names - the appellant was removed from the aforesaid premises by the Gurgaon Police on 9.6.2011 without any notice. The premises was locked. Her belongings including her education and experience certificates, clothes and her personal belongin....... + More
........
|
