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Money Laundering - High Court - Case Laws
Showing 1 to 20 of 27 Records
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2023 (3) TMI 1277
Money Laundering - siphoning off of funds - sham and bogus transaction for diverting money belonging to the homebuyers - Petitioner states that he, along with other homebuyers who had invested in the said project, have not been handed over their houses as assured by Respondent No. 5 - HELD THAT:- It is trite law that the Courts should monitor investigation only in rarest or rare cases and only when it is absolutely necessary. In DUKHISHYAM BENUPANI VERSUS ARUN KUMAR BAJORIA [1997 (11) TMI 428 - SUPREME COURT], the Apex Court has held It is not the function of the court to monitor investigation processes so long as such investigation does not transgress any provision of law. It must be left to the investigating agency to decide the venue, the timings and the questions and the manner of putting such questions to persons involved in such off....... + More
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2023 (3) TMI 1129
Provisional Attachment Order (PAO) - Permission to sell the immovable property - It is submitted that the subject property could not have been included as proceeds of crime by the Adjudicating Authority (PMLA) - HELD THAT:- It is observed that the challenge is to a PAO dated 2nd September, 2019 and the purpose of ensuring that the subject property is duly sold and the amounts are realized, has been achieved. Further, the Petitioner has a remedy under Section 8(2) first proviso of the PMLA Act, 2002 to approach the Adjudicating Authority (PMLA) and to establish that the subject property is not involved in money laundering. The matter shall now proceed before the Adjudicating Authority under the provisions of PMLA Act, 2002 - Petitioner would be free to file an application before the Adjudicating Authority under Section 8 of the PMLA Act, 2....... + More
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2023 (3) TMI 1073
Money laundering - case of the Petitioner is that it’s case has not even been considered by the Adjudicating Authority (PMLA) despite filing a detailed reply and explaining its position along with its documents and decisions relied upon - Adjudicating Authority (PMLA) is passing template cut-paste orders and the same has been demonstrated to the Court by the ld. Counsel for the Petitioner through a compilation of similar orders passed by the Adjudicating Authority - violation of principles of natural justice. HELD THAT:- Use of identical templated paragraphs could reflect as non-application of mind by the Authority concerned and hence ought to be avoided. The Adjudicating Authority is cautioned about passing such templated orders. It is the admitted position that the Appellate Tribunal (PMLA) is now constituted under the PMLA, 2002........ + More
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2023 (3) TMI 1016
Seeking for grant of bail - It is alleged that certain incriminating documents were found in respect of misuse of unaccounted and illegal cash money, which was generated by the main accused Suryakant Tiwari, being brought into the mainstream public money through the Applicant - further case is that Applicant was in connivance with the main accused Suryakant Tiwari in the layering of the proceeds of crime illegally collected by Suryakant Tiwari - HELD THAT:- As regards the incriminating materials that have been collected during the course of investigation, what prima facie reflects is the purchase of two Coal Washeries by the Applicant from the group of Companies owned by Suryakant Tiwari and his associates. What is also reflected from the materials available on record is the fact that the purchase made by Suryakant Tiwari of the two Coal ....... + More
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2023 (3) TMI 1015
Seeking grant of bail - possession of disproportionate assets - proceeds of crime had been generated in the form of cash and assets / immovable and movable properties - requirements of Section 45 (1) of PMLA - HELD THAT:- The bail application of the applicant has to be decided keeping in view the provision contained in Section 45 (1) of the PMLA. From a narration, it transpires that the instant case has been lodged primarily with the allegation that the named co-accused Yadav Singh had committed corrupt practices while awarding certain engineering works and he has acquired disproportionate benami assets in the name of himself and his family members. The applicant happens to be the wife to Yadav Singh. The applicant is a woman and one of her kidneys has been removed and she is surviving with one kidney and she is suffering from anxiety, de....... + More
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2023 (3) TMI 894
Misuse of bank accounts - It has been alleged that by using the Photographs & documents submitted by the employee provided at the time of appointment, Raj Kumar Goenka and Ashok Kumar Goenka, fraudulently opened several Bank accounts in their name - HELD THAT:- This Court has gone through the facts and circumstance of the case as also the orders passed in case of the two accused persons namely Raj Kumar Goenka and Ratan Kumar Goenka and is of the belief that since both the aforesaid persons have been extended relief, although Raj Kumar Goenka had to take recourse to bail while Ratan Kumar Goenka succeeded before Hon’ble Apex Court, the case will continue and ultimately the accused persons including the petitioner herein will have to face the music, this Court is inclined to grant him the same relief with conditions. Let the peti....... + More
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2023 (3) TMI 746
Seeking grant of bail - Money laundering - bank fraud - allegations are that Shakti Bhog Foods Limited (SBFL), where the Applicant was one of the directors, promoter and guarantor and had availed of various loan facilities from a consortium of banks led by State Bank of India from 2006 onwards, and in order to acquire more loan funds from Banks, the company resorted to round tripping and money laundering using its various group companies as platforms - role ascribed to the Applicant in the prosecution complaint is that the Applicant was a director, guarantor and promoter of SBFL - bail urged with regards to the proviso to section 45(1) PMLA that the Applicant is sick and infirm. Whether the Applicant is “sick or infirm” in terms of the proviso under section 45(1) PMLA? HELD THAT:- A purposive interpretation of the proviso to s....... + More
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2023 (3) TMI 745
Grant of Anticipatory Bail - Money Laundering - scheduled offences - proceeds of crime - discharge of burden of prove - Hawala transactions - HELD THAT:- While rejecting the discharge application of the applicant, learned trial court has specifically observed that on the basis of prima facie investigation made by ED, it appears that the applicant is prima facie involved in Hawala ie., illegal transfer of money from nation to foreign countries. Prima facie there is sufficient material, which warrants this court to arrive at prima facie inferences that applicant is involved in such serious case wherein discretion is not required to be exercised. The learned trial court has further observed that as per Section 24 burden shifted upon the accused to show that proceeds of crime are untainted property and the applicant has prima facie miserably ....... + More
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2023 (3) TMI 744
Confiscation of property (on death of the accused) - accused had died before the trial could be held - Money Laundering - scheduled offences - criminal conspiracy - cheating - forgery of valuable security - forgery for the purpose of cheating - using as genuine, forged document - criminal misconduct - HELD THAT:- Prevention of Money Laundering Act, 2002 is a new Act and is in the process of growth and evolution by way of legislative amendments and Judicial pronouncements. The provision of attachment of crime proceeds in chapter III of the Act is many ways a leap forward in penal law to retrieve the loss caused to the victim, mostly public exchequer, by commission of the scheduled offence. Statement of objects and reasons of Money-Laundering (Amendment) Bill,2011 3 (d), provided to make provision for attachment and confiscation of proceeds....... + More
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2023 (3) TMI 743
Seeking grant of bail - Money Laundering - mass loot of public money deposited by innocent prospective home buyers and have laundered the said money - discharge of burden of proof - HELD THAT:- In the present case, undoubtedly, the present applicant was taken into custody on 11.10.2018 for the same allegations for which the E.D. has filed ECIR in question. However, EOW of Delhi Police has taken custody of the present applicant on 26.10.2019 and the E.D. has taken custody on 03.12.2019. Therefore, for all practical purposes the present applicant is in judicial custody for more than four years and four months and if the period of judicial custody, so taken by the E.D. is considered, it is more than three years and three months. Undisputedly, the maximum punishment for the offence wherein the trial is going on is seven year. Therefore, in bo....... + More
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2023 (3) TMI 645
Money Laundering - no scheduled offence - whether registration of a scheduled offence is a condition precedent for initiating ED proceeding? - HELD THAT:- Admittedly, the respondent No.1 - ED had registered the ECIR in question, pursuant to the registration of an FIR i.e. scheduled offence/predicate offence, which predicate offence now stands closed. This Court in the case of State of Maharashtra v/s Bhimrao Vithal Jadhav, [[1974 (9) TMI 137 - BOMBAY HIGH COURT]] had observed that granting of ‘C’ Summary amounts to an acquittal. Similarly, in Vijay Madanlal Choudhary [[2022 (7) TMI 1316 - SUPREME COURT]], the Apex Court had observed that if a person is discharged or acquitted of a scheduled offence by a competent Court, there can be no offence of money laundering against him. Admittedly there is no scheduled offence as against....... + More
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2023 (3) TMI 589
Money Laundering - proceeds of crime - Freezing of bank accounts of petitioner - case of petitioners is that the order under Section 17 (1-A), PMLA to freeze the Bank accounts, has not been passed, which order is a pre-condition to issue directions to the Bank - Seeking to furnish the balance held in the accounts maintained in those banks by the petitioner(s)/fixed deposits, with further request not to entertain debit transactions from the said accounts until further directions from the Office of the Enforcement Directorate - Power of Assistant Director to pass the order under Section 17 (1-A) being below the rank of the Deputy Director. Whether, in the absence of any order to freeze the property (Bank Accounts), under Section 17 (1-A) of the PMLA, the action of the respondents in directing the Bank Respondent Nos.3 and 4, vide the impugn....... + More
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2023 (3) TMI 588
Seeking grant of bail - Money Laundering - predicate offences - it is alleged that the present applicant has cheated so many persons and after his resignation from the Company, other persons, who were Directors of the Company, started cheating the people at the behest of the present applicant - rigours of Section 45 of the PMLA. HELD THAT:- There is no complaint of the E.D. that the present applicant did not cooperate in the investigation and after completion of the investigation, the prosecution complaint has been filed on 24.05.2019 and learned trial court has taken cognizance on 23.09.2019. At the time of filing prosecution complaint or taking cognizance, the E.D. has not requested before the learned trial court for taking custody of the applicant, however, the custody of the application has been taken on 01.09.2022 without assigning a....... + More
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2023 (3) TMI 587
Freezing of the bank accounts of petitioner - reasons to believe - submission is that the freezing of bank account of the petitioner is a draconian act which would entail serious civil consequences and if the statute directs performance of act of freezing in a particular manner, the respondents cannot deviate from the said procedure and if there is deviation it would become non est in the eye of law. HELD THAT:- It is germane to notice that there is huge proliferation of mobile loan apps and their modus operandi is in public domain. The operation is alleged to be this way, a gullible borrower is given a call and is lured into, for getting a small loan without any documentation. All that the borrowers are informed is that they should download the loan app and give access to the contents of the smart phone. A small time borrower desirous of....... + More
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2023 (3) TMI 586
Money Laundering - criminal conspiracy - illegal mining - large scale theft of the natural resources like stone chips and boulders which are public property - link between the predicate offence and proceeds of crime generated by the said offence - invocation of burden to prove in the pre-charge stage - HELD THAT:- This Court is of the view that the argument advanced on behalf of the E.D. is persuasive enough to reject the petition for bail. Contrary to the submission by the learned Counsel on behalf of the petitioner, the offence of money laundering is an independent offence and it is not necessary that the accused charged with the offence of money laundering are the same who are made accused in predicate offence as per the ratio decided in Vijay Madan Lal Choudhary [2022 (7) TMI 1316 - SUPREME COURT]. The law enforcement agencies are now....... + More
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2023 (3) TMI 585
Seeking grant of anticipatory bail - money laundering - predicate offences - proceeds of crime - requirements of section 45 of PMLA fulfilled or not - HELD THAT:- The Court has gone through the materials on the record and finds that the money laundering amount alleged to be Rs.141,47,59,798/- and proceeds of crime has also been enjoyed by the petitioner. The petitioner was proprietor of M/s DJN Commodity and M/s Divya Jyoti Securities. The argument of the learned counsel for the petitioner is not accepted by this Court looking into para 3.10 of the complaint with regard to employment on the post of Director of the said company on salary basis. Thus, there are materials against the petitioner. So far as the order relied by the learned counsel for the petitioner in Dalip Singh Mann [2015 (10) TMI 2580 - PUNJAB & HARYANA HIGH COURT] that....... + More
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2023 (3) TMI 542
Seeking grant of bail - disproportionate assets of the present applicant which he, allegedly, could not explain - Scheduled/predicate offence - HELD THAT:- As a matter of fact, the present applicant is not in judicial custody since November, 2019. He remained in judicial custody w.e.f. 27.02.2017 in another matter of E.D. and w.e.f. 04.11.2017 in the present case of E.D. The maximum punishment prescribed under the offence of PMLA is seven years. At the time of hearing before the Apex Court seeking bail, the arguments relating to the twin conditions as prescribed under Section 45 of the PMLA must have been placed and the Apex Court has granted interim bail to the applicant. If the proceedings of predicate offence have been stayed, as shown by the learned counsel for the applicant, however, the proceedings under PMLA may go on but the final....... + More
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2023 (3) TMI 541
Seeking grant of bail - Money Laundering - scheduled offence - proceeds of crime - rebuttal of presumption - inviting deposits from general public promising to pay interest upto 90% per annum - effect of bar under Section 45(1)(ii) of PMLA - HELD THAT:- Admittedly, the accused was apprehended on 15.11.2022. Three months have already lapsed from the date of arrest. The complaint in the form of ECIR is filed on 13.01.2023 which is registered in PCR No. 4 of 2023. Details of the assets acquired and the money invested by the accused along with the details of bank account are stated in the complaint. It is the specific contention of the prosecution that accused No. 2 being one of the partner of accused No. 1 is in charge of investing the proceeds of crime in various assets as he has purchased the lands out of the amount so received by accused ....... + More
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2023 (3) TMI 387
Maintainability of petition - petition for mandatory bail under Section 16(2) has been filed even after filing of alleged charge sheet - Section 167(2) of Cr.P.C. - HELD THAT:- The present petition was filed on 17.01.2023 nearly after 53 days after the statutory period of 60 days, as such, it cannot be said that the right of bail under Section 167(2) of Cr.P.C and the petition are maintainable. In the event of an application being made on 26.11.2022, the approach of this Court would have been on the circumstances prevailing then. However, when no application was made on the 60th day and the petitioner suffering dismissal order of bail on 07.12.2022, cannot urge the Special Court to entertain an application for default bail which was filed on 17.01.2023 taking recourse to the judgment of this Court in the case of C.Parthasarathy’s ca....... + More
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2023 (3) TMI 386
Territorial Jurisdiction - FIR is registered in Mumbai and properties seized were all forwarded to the Adjudicating Authority in Delhi - predicate Offence - Search and Seizure - Constitutional Validity of search conducted under Section 17 of the Prevention of Money Laundering Act - HELD THAT:- The Hon'ble Supreme Court in the case of Vijay Madanlal Choudhary and others vs. Union of India and others [[2022 (7) TMI 1316 - SUPREME COURT]] has held that once the predicate offence is ended in discharge or acquittal, the proceedings initiated by the ED cannot be proceeded. Of course, there is no second thought in the decision rendered by the Hon'ble Supreme Court and the Co-ordinate Bench of this Court. However, in this case the main objection by the learned Special counsel for respondent is that the FIR in predicate offence and FIR in ....... + More
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