Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2022 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 1185 - HC - Money LaunderingGrant of regular bail - Money laundering - illegal transportation of essential commodities of Wheat and Rice from godowns - Conspiracy - scheduled offences - proceeds of crime - dirty money - offence under Section 3 and punishable under Section 4 of the PMLA, 2002 - statements of the applicant was recorded under Section 50 of the PMLA 2002 - compliance with the twin conditions under Section 45 of the PMLA 2002 or not - HELD THAT:- The Hon’ble Supreme Court of India recently in the case of J. SEKAR @ SEKAR REDDY VERSUS DIRECTORATE OF ENFORCEMENT [2022 (5) TMI 309 - SUPREME COURT] has held that in cases of PMLA, the Court cannot proceed on the basis of preponderance of probabilities. It is further observed that on perusal of the statement of objects and reasons specified in PMLA, it is the stringent law brought by Parliament to check money-laundering. Thus, the allegations must be proved beyond reasonable doubt in the Court. Even otherwise, it is incumbent upon the Court to look into the allegations and the material collected in support thereto and to find out whether the prima-facie offence is made out. It is further held that unless the allegations are substantiated by the authorities and proved against a person in the Court of law, the person is innocent. The findings of the Forensic Audit Report, the observations are that the aforesaid eight firms received amounts from IMAAL with some unidentified receipts and the amount received have been withdrawn in cash and further, these firms did not carry any business relations with IMAAL - In this case, the scheduled offence was registered on 19/07/2018, whereas, the Forensic Audit Report is for the period January 2018 to July 2018. The findings of the Forensic Audit Report, as referred above, only mention that all the said firms received amount from IMAAL with some unidentified receipts and they did not carry any business relations with IMAAL. The expression “proceeds of crime” is defined under clause (u) of Section 2(1) of the PMLA which makes it clear that proceeds of crime means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property - It is the case of the prosecution in the predicate offence that the co-accused in the said case Kapil Bajrang Gupta of Shri Lambodhar Trading Company handed over to truck driver some forged documents pretending to be his own Lambodhar Trading Companies food grains. The said accused Kapil Bajrang Gupta in accomplish of the Government food grains transport contractors namely Lalit Raj Brijlal Khurana and Raju Pralhad Arshewar had supplied food grains to the company of the applicant, pretending that the food grains were his own goods. In absence of any allegation that the applicant had any such knowledge as referred herein above, making the payment of Rs.80,10,000/- by the applicant to Kapil Bajrang Gupta, which amount is the part of proceeds of crime, creates doubt about the veracity in respect of allegations as regards transactions with the remaining seven companies and payments made to the said companies, particularly when there is nothing to prima-facie show that the applicant is related or having control over the said companies - In the present case, the prosecution has failed to bring on record the foundational facts to show that the proceeds of crime is connected with the scheduled offence. As far as the judgment in the case of Gautam Kundu [2015 (12) TMI 1133 - SUPREME COURT] as regards twin conditions under Section 45 of the PMLA 2002, there is no dispute that the twin conditions are mandatory. The applicant shall be released on bail - application is allowed.
|