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Money Laundering - Tribunal - Case Laws
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- 2019 (9) TMI 1196 - ATPMLA, NEW DELHI
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 - ATPMLA
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 - ATPMLA
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 - ATPMLA, NEW DELHI
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 943 - ATPMLA
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 - ATPMLA, NEW DELHI
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
- 2019 (9) TMI 941 - ATPMLA
Offence under PMLA - Attachment orders - proceeds of crime - HELD THAT:- As already mentioned that the original cheques are already filed and placed on record of this file. The respondent is at liberty to obtain the same from the Registrar of this Tribunal. As far as the attachment of properties are concerned, the said property will be released after the entire payment against the post dated cheques are encashed in favour of the respondent. Once the said entire alleged proceed of crime is received by the respondent, the impugned order dated 14th March, 2019 as well as provisional attachment order dated 01st October, 2018 shall be modified/quashed. The present appellant who has allegedly bonafide received alleged proceeds of crime in question. It is also not denied by the learned counsel for the respondent that the appellant has not been c....... + More
- 2019 (9) TMI 939 - ATPMLA, NEW DELHI
Offence under PMLA - attachment orders - funds with the bank that are secured for the Bank Guarantee issued by the Appellant bank attached - whether Appellant Bank holding any funds of the Accused/Respondents? - whether the property which has been attached has any nexus whatsoever with that of money laundering or not? - HELD THAT:- Adjudicating Authority failed to appreciate that the fixed deposits have been taken as margin money for the bank guarantee issued by the Appellant Bank and as such bank has exclusive charge on them. The Authority has not recorded any reason as to why funds with the bank that are secured for the Bank Guarantee issued by the Appellant bank could be attached and there is no “reason to believe” placed on record by the ED. The banks cannot be harassed without their fault. Adjudicating Authority failed to....... + More
- 2019 (9) TMI 938 - ATPMLA, NEW DELHI
Money Laundering - attachment of property - Validity of Interim Order passed - Jurisdiction of this Tribunal to pass the interim order - Section 35 of PMLA - HELD THAT:- Mr. AmitMahajan admits that the proceedings of PMLA were initiated by invoking the section proviso of Section 5(1) of the Act - When it was asked to him to produce the reason to belief to satisfy the mandatory conditions of second proviso, it is replied by him that the said issue is the subject matter of appeal which is listed for final hearing and at that time, he would argue the said issue. With regard to query about the undivided share of his mother, no arguments are addressed on behalf of respondent. The interim order passed on 01.08.2019 is liable to be confirmed - The prayer made in the applications are allowed.
- 2019 (9) TMI 933 - ATPMLA, NEW DELHI
Offence under PMLA - Provisional Attachment orders - HELD THAT:- The appellant is a Public Sector Bank. The money must come to the public forthwith not after the trial of criminal case against the borrowers which may take many years. The banks are in crisis, no attempt should be made to block the loan amount in order to avoid worsen positions in the commercial market. The trial may continue against the borrowers. One is failed to understand why the bank loan amount be blocked in view of settled law. This Tribunal is of the considered opinion that the proceeding u/s 8 of PMLA, 2002 before the Adjudicating Authority is a civil proceeding and the Adjudicating Authority should have stayed the proceedings on passing of the moratorium order by the NCLT. The continuation of the proceedings from the date of commencement of the moratorium order is....... + More
- 2019 (9) TMI 585 - ATPMLA
Offence under PMLA - attachment made by the Provisional Attachment Order (PAO) - HELD THAT:- It is evident that the PAO, the Original Complaint and the Impugned Order have simply copy pasted the contents of the CBI Chargesheet. In the present, very serious issues are involved, those have to be decided legally. We have examined the chart filed alongwith rejoinder as Annexure-A, which highlights the similarities between the Chargesheet, the PAO, the Original Complaint and the Impugned Order. Shockingly, the contents of these documents are almost identical and which evidences that the Respondent No.1 i.e. the author of the PAO and Original Complaint and the AA i.e. the author of the Impugned Order, has not applied his mind. He who passed the order was not the Judicial Member. The order was passed in very casual manner. In serious and complic....... + More
- 2019 (9) TMI 428 - ATPMLA
Money Laundering - proceeds of crime - commission of the offence of Money Laundering under Section-3, PMLA - guilty of the offences under sections 120B read with 420, IPC; and were acquitted in respect of charges under section 467, 468 and 471, IPC - allocation of the coal block - HELD THAT:- The investors have invested in the shares of the Appellant company due to the coal allocation and coal linkage (allocation). Adjudicating Authority’s reading of the aforesaid Statements has gone behind the said Statements and amounts to disbelieving the same, without any factual basis or material to the contrary. The aforesaid statements recorded under section 50 of the PMLA have been duly signed and affirmed by the persons giving the statement. The proceedings under Section 50 PMLA are deemed to be judicial proceedings within the meaning of Se....... + More
- 2019 (9) TMI 427 - ATPMLA
Money laundering - proceeds of crime or not - alleged dishonest and fraudulent availment of credit facilities consisting of Cash Credit limit by using fake documents and accommodative transactions on paper - retention of policies, FDs and other important documents - offence punishable under Sections 120B & 419, 420, 467,471 of Indian Penal Code (IPC) - scheduled offences or not - HELD THAT:- It is an admitted position that the said policies and FDs are in the name of Jiban Kumar Mitra & Mrs. Malobika Mitra, who are the parents of the appellant. The specific submission has been made that her father had been working with I.O.C. for a long period of time and the said policies and FDs are the retirement benefits received from the employers. It is the matter of fact and same is not denied by the ld. counsel for the respondent during th....... + More
- 2019 (9) TMI 426 - ATPMLA
Money Laundering - Provisional Attachment of property - order to vacate the property - VAT refund availed on the basis of forged and fabricated documents - It is the contention of the appellants are that they were not a party before the adjudicating authority though they are the owner of portion of the property in question - HELD THAT:- The offences are of the year 2012- 13. Whereas the property in question was acquired in the year 2011 by Smt. Seema Garg. It is the contention of the respondent that the property in question has been attached as value thereof. There is no allegation that the property in question has been acquired out of proceeds of crime. When the case was registered the appellants and others have already purchased the property in question and in actual physical possession of the same. There is no rebuttal from the side of....... + More
- 2019 (9) TMI 425 - ATPMLA
Money Laundering - provisional attachment order - proceeds of crime - Section 26 of Prevention of Money Laundering Act, 2002 - scheduled offences or not - violation of the provisions of sections 120-B read with 409, 420, 467, 468 & 471 of Indian Penal Code and Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988 - HELD THAT:- Tribunal is of the view that the property admeasuring 1180 sq. ft. was not involved in the offence of money laundering under Section 3 of the Prevention of Money laundering Act, 2002. From the entire gamut of the matter that the claim of the respondent with regard to 1080 sq. ft. is a civil dispute. Even tribunal has no jurisdiction to decide the same despite of the fact that the appellants have got the sale deed registered in their favour for the part of the said portion. This tribunal has also....... + More
- 2019 (9) TMI 424 - ATPMLA
Money laundering - proceeds of crime - Retention of continuation of order of freezing / Panchnamma issued under section 17(1A) of PMLA - case of the respondent in the reason to believe as well as in the application filed under Section 17(4) was that it was a tainted amount and it amounts to money laundering - whether 1,43,38,330 shares subscribed in 2003 by foreign remittances through State Bank of India are ‘proceeds of crime” under section 2(1)(u) (notified on 1.7.2005)? HELD THAT:- Tribunal is of the view that at the best, ED might be frozen the amount at the hand of the appellant if any case is made out against the appellant. It is rightly observed by the Hon’ble Court. In the present case, the ED has sought to attach the assets of the Appellants by making out a case of equivalent in value thereof. The same is endors....... + More
- 2019 (9) TMI 224 - ATPMLA
Offence under PMLA - Provisional Attachment Order - recovery of amounts outstanding against Respondent no.4 from the sale of the Mortgaged Properties - HELD THAT:- It is not denied on behalf of the respondent that the Appellant being the mortgagee and secured Creditor is entitled to recover amounts outstanding against Respondent no.4 from the sale of the Mortgaged Properties as it was never the case of the ED that the attached properties were purchased out of proceeds of crime. It has also come on record that the Appellant acted bonafidly while rendering the facilities and mortgage of the Properties was done for bonafide purposes. The Appellant is not involved in the schedule offence. There is also no criminal complaint under the schedule offence under PMLA is pending against the Appellant or any of its officials. Thus, the mortgaged prop....... + More
- 2019 (9) TMI 223 - ATPMLA
Offence under PMLA - retention of the seized goods - failure to file complaint within 90 days - summons were addressed to Mr. Iqbal Mubarak, a shareholder holding less than 1% shares of the Appellant Company and served at the address of the Appellant - HELD THAT:- It is an undisputed fact that Mr. Iqbal Mubarak is not an FIR named accused nor named in the ECIR and no prosecution complaint has also been filed against him even though prosecution complaint under PMLA has been filed against several persons arising out of same ECIR and the Special PMLA Court has taken the cognizance of the same and further trial proceedings are underway. There is no whisper anywhere in the appeal that either Mr. Iqbal Mubarak is prosecuted under PMLA. In the circumstances, as per the provisions of Section 8(3)(a) of PMLA, 2002 as existed till 13.07.2019 prosec....... + More
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