Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2020 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 152 - HC - Money LaunderingContinuation of attachment during the pendency of the appeal - money laundering - siphoning of funds - loss of ₹ 2654.40 crores to a consortium of as many as eleven banks - HELD THAT:- It has to be considered that the attachment orders by the Prevention of Money Laundering authorities came to be issued subsequent to the Central Bureau of Investigation having filed the F.I.R. and chargesheet against M/s.DPIL and after thorough investigation. When prima facie case has been made out under the Prevention of Money Laundering Act, attachment of the properties as per the orders passed by the authorities could not be said to be unjustified in law. Section 2(1)(u) of the PML Act, 2002 defines the proceeds of crime as a property derived out of criminal activity or even the value of any such property. The submission on behalf of the appellants was acceptable that Section 71 of the PML Act gives an overriding effect to the provisions of the Act over any other law. The whole object of the law of money laundering is to prevent the money laundering and to confiscate the properties derived from and involved in the money laundering or which are those held incidental thereto. The powers exercised for attachment of the properties by the appellants herein have to be justified in that view. If the attachment is released while the appeal is pending, it would render the appeal virtually meaningless from the backdoor, which cannot be permitted. The order dated 18th June, 2019 passed by the Appellate Tribunal, PMLA, New Delhi, which is impugned in this appeal whereby attachment of the properties of M/s.DPIL is released shall remain stayed till the final outcome of this appeal - Application allowed.
|