Home Case Index All Cases Money Laundering Money Laundering + AT Money Laundering - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1464 - AT - Money LaunderingOffence under PMLA - Retention of records and property post search - HELD THAT:- It is clear from the reading of Sections 17 to 21 that outer limit upto the date for deciding the application for retention of property within the meaning of sub-section 4 of Section 21 is 180 days from the date of seizure of any property or records. The said period is not extendable. The person concerned/aggrieved party of such order, is entitled to file the appeal under Section 26 of the Act. The same shall be heard and after giving an opportunity of being heard, the appellant Tribunal shall pass the order either to confirm the order of retention or to modify or setting aside the same. Where the Adjudicating Authority decides by an order confirm the retention under Sub-section (1) of Section 17 or Section 18 for the purpose of continuation during investigation for a period not exceeding ninety days under this Act before the Competent Court, or under the corresponding law of any other countries as the case may be under Subsection (3) (a) of Section 8 may take necessary action within the time prescribed. In failure to do so under this Act, all the proceedings, seizures/frozen under Section 17 would be lapsed ipso facto. If a particular thing is to be done in a particular manner, it must be done in that manner only and none other. The provisions of section 8 (3) (a) provides that the attachment or retention of property or record seized shall continue during the investigation for a period not exceeding ninety days. It is admitted position that no prosecution complaint has been filed against the Appellant herein. The properties and records of the Appellant were seized only for the purpose of investigation. The period of 90 days as prescribed under section 8 (3) (a) has already elapsed as more than an year has been expired. No prosecution complaint has been filed by the respondent against the appellants. The said fact has been admitted by the learned counsel for the respondent. The impugned order in the above said matter was passed on 5.9.2017 for retention of property. Admittedly, no prosecution complaint has been filed within the period of ninety days from the date of passing the retention order. More than one & half year has been passed. As per settled law, the retention order lapses after the expiry of ninety days. The appeal is accordingly disposed of by setting aside the impugned order in respect of the appellant. However, the documents already retained by the ED, copies of the same be handed over to the appellant, who is otherwise entitled to receive the copies under Subsection 2 of Section 21 of PMLA.
|