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Money Laundering - Tribunal - Case Laws
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- 2021 (1) TMI 1035 - ATPMLA
Acquisition of foreign exchange - not bringing into India the goods of the value, quantity and quality for which foreign exchange was acquired by the parties through the appellant bank by seeking remittance on the basis of import documents which are allegedly later found to be not genuine - contravention of Section 8(1) of Foreign Exchange Regulation Act, (FERA) 1973 and Section 8(2) and 8(4) of FERA, 1973 - delay of more than two years in passing the impugned order - HELD THAT:- Without going into the merit of the case and without opining on merit, on the short question of delay in delivering the order, the appeal filed by M/s. South Indian Bank Ltd. is allowed - The impugned order dated 09.03.2009 passed on Show Cause Notice bearing no. T-4/1-B/SDE/AKB/2002-SCN-I dated 04.01.2002 read with corrigendum dated 13.02.2002, limited to the pr....... + More
- 2021 (1) TMI 182 - ATPMLA
Maintainability of appeal - competency of Assistant Director to file the appeal - scope of Deputy Director - section 2(1)(c),2(1)(j) & 2(1)(k) of PMLA Act - It is submitted by respondent that no other person or authorities other than authorized authority under the Act can prefer an appeal and that reference has made to the title of the appeal and the affidavit thereto - HELD THAT:- Section 2(1)(c) has defined the word ‘the Assistant Director’ whereas section 2(1)(j) defined the word ‘Deputy Director’ and section 2(1)(k) has defined the words ‘Director, Additional Director and Joint Director. They are being defined as the authorities appointed under sub-section 1 of 49 of the said Act. Section 48 of the said Act specified the classes of authorities for the purpose of the PMLA, 2002(the said Act.). The Dire....... + More
- 2021 (1) TMI 68 - ATPMLA
Money laundering - seeking release of provisionally attached mortgaged properties (flats) - proceeds of crime - assignment of debts due and payable by borrowers including the loan in favour of the appellant - case of appellant is that the mortgaged properties were purchased by the borrowers when no such alleged scheduled offence were in the picture and that the title deeds have duly been registered and stamped which makes it further clear that the properties were not acquired from the proceed of crime - HELD THAT:- As per the submission of appellant it appears that no order on appellant’s application for substitution has been passed nor the contention raised in the reply, oral arguments advanced and the written submissions filed by the appellant is found placed in the impugned order. The Adjudicating Authority in the internal page 3....... + More
- 2020 (12) TMI 1019 - ATPMLA
Money Laundering - Attachment of properties - Agricultural Land - right of the appellants to the properties in question - SCN not issued to appellant - whether there is any violation of the provisions of law as enunciated in Prevention of Money Laundering Act (PMLA), 2002? - HELD THAT:- On perusal of the plain copies of the chain of documents, copy of the impugned order, reply made by the respondent it is prima facie that the appellants are the owners having interest in the properties in question as they had only made-over agreements to different persons for cultivation. A decision cannot be made on assumption & presumption that as the appellants have leased out the aforesaid properties for cultivation purposes for a long period amounts to lose of the ownership. It can only be decided by Competent Civil Court. Nothing has been submitt....... + More
- 2020 (12) TMI 816 - ATPMLA
Money Laundering - continuation of attachment order passed under PMLA Act - section 32A(2) of the IBC - HELD THAT:- Since in the present case there was no resolution plan covering the assets of the Corporate Debtor as attached by the ED vide Provisional Attachment Order ED cannot be precluded from proceeding against the assets of the Corporate Debtor in accordance with law, merely because the CIRP has been initiated against the accused/Corporate Debtor. That, it is well settled law that the Legislature is presumed to know all existing laws as well as the needs of the society, while enacting a legislation. Therefore, it will be presumed that after considering all possible scenarios when the Ordinance has dealt with only one situation where the powers of ED under PMLA are being curtailed then it will be presumed in law that the powers of ED....... + More
- 2020 (11) TMI 667 - ATPMLA
Money Laundering - proceeds of crime -reasons to believe - It is alleged that the appellant no.1 Mr. Bharat Yadav has acquired properties in his name as well as in the name of his family members from the proceeds of above mentioned crimes including the alleged crime of robbery, dacoity, extortion and offences relating to arms under Arms Act, 1959, since 1988 onwards. It is also alleged that appellant no.1 Mr. Bharat Yadav has acquired aforesaid immovable properties after 01.07.2005 (i.e. after PMLA came into force), from his criminal activities, in his name or in the name of his family members. HELD THAT:- The Ld. Adjudicating Authority has not examined whether the satisfaction of the Complainant regarding reasons to believe is in accordance with law - On perusal of the PAO, it is seen that the Deputy Director has only mention the verbati....... + More
- 2020 (9) TMI 740 - ATPMLA
Grant of Order of Status Quo - provisional attachment order - Ad-interim stay of the operation of impugned order - Eviction notice - HELD THAT:- There is no dispute that the aforesaid appellants are either FIR or ECIR named accused and that there is no allegations against these appellants that the aforesaid amounts that have been paid to the builders are out of proceeds of crime and that it is not denied by the Respondent that the aforesaid amounts have not been paid by these appellants and that it is an admitted fact that the appellants are not physically residing in the aforesaid flats and the flats are under lock and key. Having due regard to the facts and circumstances of the case, justice would be served, at this stage, if the conditional order of status quo is passed with respect to the aforesaid properties. Both the parties are dir....... + More
- 2020 (7) TMI 532 - ATPMLA
Money Laundering - proceeds of crime - Liquidation/transfer of attached amount before expiry of appeal period - challenge on the ground that the transfer as contrary to the prayer made in the PAO and the consequent confirmation order passed by the Adjudicating Authority - section 26 (3) of the PMLA, 2002 - applicant came to know about it after resuming business - business was closed due to COVID-19 pandemic situation - violation of principles of natural justice. Whether the appellant has made out a prima facie case for grant of order of status quo ante? - HELD THAT:- Since the respondent has followed the procedure prescribed, there are no illegality found in getting the amount transferred in the account of ED. The appellant has offered Bank Guarantee for the retransfer of the aforesaid amount is not agreed by the respondent. During the co....... + More
- 2020 (7) TMI 415 - ATPMLA
Money Laundering - provisional attachment order - whether the appellant has made out a prima facie case for grant of order of status quo ante? - HELD THAT:- Since the respondent has followed the procedure prescribed, there are no illegality in getting the amount transferred in the account of ED. The appellant has offered Bank Guarantee for the retransfer of the aforesaid amount is not agreed by the respondent. During the course of hearing, the ld. senior counsel for the appellant submitted that the appellant is economically hard pressed and the aforesaid amount would be utilized by them for their real estate business. The aforesaid amount is alleged to be the proceeds of crime, therefore, the said amount cannot be allowed to be used by the appellant at this stage. Appropriate decision would be taken after hearing the parties on the merits....... + More
- 2020 (7) TMI 119 - ATPMLA
Jurisdiction - power of Tribunal to grant stay/pass order of status quo - Retention of documents, digital devices and other things seized/recovered - section 17(4) of the PMLA - whether the Appellate Tribunal has jurisdiction to grant stay or passed any order of status quo which has the consequence of stalling the investigation? HELD THAT:- Section 26 (1) clearly provides that the appeal to this Tribunal is to be preferred against an order passed by the Adjudicating Authority. The Adjudicating Authority has passed the impugned order under Section 8(3) of the said Act allowing the application filed by the Respondent in the interest of investigation and interest of justice and permitted that the records seized in the case to be retained in terms of Section 17(4) of the PMLA, 2002. Since the order under challenged is an order passed by the A....... + More
- 2020 (4) TMI 837 - ATPMLA
Commitment of scheduled offences - Uttar Pradesh State Industrial Development Corporation (UPSIDC), Varanasi - It is the contention of the present appellant that it is a State Authority and has been erroneously shown to have committed the scheduled offences - HELD THAT:- On perusal of the impugned order & PAO, it is seen that nowhere there is any allegations made by the ED that the present appellant has committed the scheduled offences or has generated proceeds of crime or laundered any proceeds of crime. In fact, it is admitted in the written reply to the appeal filed by ED that this appellant has been made as a party as it was the lessor of the property over which the defendants no(s) 1 to 3 has rights as lessee and the ED has got no objection if the order of the Adjudicating Authority is modified in relation to the contention of th....... + More
- 2020 (3) TMI 1006 - ATPMLA
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 (2) TMI 1314 - APPELLATE TRIBUNAL FOR SAFEMA, FEMA, PMLA, NDPS & PBPT, NEW DELHI
Money Laundering - attachment of immovable properties - proceeds of crime - siphoning off of funds - ‘status quo’ order - HELD THAT:- So far as the other land is concerned, the same is admittedly a vacant land wherein, as per the submissions of the appellants certain plants have been grown to keep it green and the appellants have offered for substitution of the property in question by way of fixed deposit to the extent of proceeds of crime attributed against these appellants. The learned counsel for the Respondent may take appropriate instructions from the ED regarding these offers of the appellants. It is not disputed by the Respondent that these two properties are attached as a value equivalent to the proceeds of crime. That being so and in view of the submission made above during the course of hearing there appears that the....... + More
- 2020 (2) TMI 866 - ATPMLA
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 - ATPMLA
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 945 - ATPMLA
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
- 2020 (1) TMI 900 - ATPMLA NEW DELHI
Money Laundering - Provisional attachment of properties - properties mortgaged with the Banks have been acquired out of tainted money - proceeds of crime - HELD THAT:- The bonafide as well as due diligence in sanctioning the loans by the appellants to M/s. CCL have not been doubted by the respondent no.1 at any point of time. It could not be explained by the respondent no.1 as to how the properties in question are acquired out of proceeds of crime. In terms with the statutory safeguards incorporated in the Act, any party aggrieved by the confirmation of the Provisional Attachment Order by the Adjudicating Authority may challenge such confirmation in an appeal to this Tribunal under Section 26 of the Act and then before the Hon’ble High Court under Section 42 of the Act against the order of this Tribunal. Accordingly, under the legis....... + More
- 2020 (1) TMI 522 - APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT, NEW DELHI
Offence under PMLA - Provisional attachment - Attachment of properties which are attached - HELD THAT:- If the mortgage properties are not the proceeds of crime, the said properties cannot be attached in lieu of value thereof as banks are the secure creditors, but ED, no doubt, after investigation, is welcome to attach the properties in lieu of value thereof only in the cases where it was virtually not possible to trace out the properties which were purchased from proceeds of crime, but other than the mortgage properties which were not acquired from proceeds of crime. Borrowers mortgage properties can not secure in safe heaven if they failed to return back the loan amount otherwise public will suffer. No doubt, this tribunal is clear in its mind that if the property was acquired from proceeds of crime and at the time of mortgage, the bank....... + More
- 2020 (1) TMI 190 - ATPMLA
Restoration of appeal - delay in filing of restoration application - Default in appearance - applicant submitted that the argument from the side of the appellant was over and the argument from the side of the respondent was yet to be completed - HELD THAT:- Admittedly the restoration application has been filed without any application for condonation of delay. The appeal was dismissed for default on 19.08.2015. The application for restoration has been filed on 02.05.2019. There is a delay of about 1350 days. The applicant who is not the appellant herself could have intimated the appellant about her compulsion/situation of not appearing in the appeal. Further, the other two counsels who have signed the Vakalatnama and represented the appellant in the appeal on various occasions could have appeared on 19.03.2015, 30.04.2015 & 19.08.2015........ + More
- 2019 (12) TMI 1019 - ATPMLA
Money Laundering - proceeds of crime - attachment of property - charge or encumbrance of a third party in a property attached under PMLA - scheduled offences - privity/complicity of contract - HELD THAT:- The appellant is a third party bonafide claimant of the property - The security interest has been created on the property in question and there are legitimate banking transactions. There is no allegation on the part of Enforcement Directorate that the appellant has not exercised due diligence in sanctioning loan. Such facilities were extended after conducting due diligence and the necessary checks and balances. The security interest has been created in the year on 29.03.2007, whereas the ECIR has been registered much later and the Provisional Attachment Order has been passed on 24.03.2017. Much prior to the year 2017, Section 13(2) notic....... + More
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