9911796707
TMI Blog2023 (4) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... e this Bench, this Court is inclined to consider the Miscellaneous Petition for stay on the admitted facts and circumstances of the case with a view to protect the rights of parties during the pendency of writ petition. 3. Brief facts that are necessary for disposal of the Miscellaneous Petition for stay are as follows:- 4. The writ petitioner states that he is an investor, having business transactions with several persons including the de-facto complainant by name Suresh Venkatachari, who has given a complaint against four other persons, who are not parties to this writ petition, alleging that the accused (M/s.Quantum Global Securities Limited, Delhi and three others) have committed offences punishable under Sections 120-B, 420 and 471 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chennai. Though it is admitted by the petitioner that one lakh shares of the de-facto complainant in M/s.8K Miles Software Services Limited was transferred to him, it is the case of the petitioner that under express written instructions of the de-facto complainant, the transfer and shares were made in his favour. 7. According to the petitioner, he is not an accused or referred to in the First Information Report (FIR) that was registered on 02.02.2019. However, the writ petitioner appears to have moved for anticipatory bail, since he had received threatening calls from the Law Enforcing Agency (LEA) suspecting his involvement in relation to the crime registered at the instance of the de-facto complainant Mr.Suresh Venkatachari. 8. It appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised several grounds challenging the impugned proceedings that led to the arrest of the writ petitioner. 13. It is the specific case of the writ petitioner that the respondent has arrested him without any jurisdiction. It is also stated that the registration of impugned Enforcement Case Information Report (ECIR) on the basis of the First Information Report (FIR), which has been stayed by this Court, amounts to contempt of Court. 14. The learned senior counsel appearing for the writ petitioner relied upon the Judgment of the Hon'ble Supreme Court in Vijay Madanlal Choudhary and others Vs Union of India and others reported in (2022) SCC OnLine SC 929, wherein, the Hon'ble Supreme Court in Paragraph No.467 (v)(d), has held as follows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elating to a scheduled offence. It is concerning the process or activity connected with such property, which constitutes the offence of money laundering. The Authorities under the 2002 Act cannot prosecute any person on notional basis or on the assumption that a scheduled offence has been committed, u nless it is so registered with the j urisdictional police and/or pending enquiry/trial including by way of criminal complaint before the competent forum. If the person is finally discharged/acquitted of the scheduled offence or the criminal case against him is quashed by the Court of competent jurisdiction, there can be no offence of moneylaundering against him or any one claiming such property being the property linked to stated scheduled off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ehta has failed to disclose about the end use of proceeds of crime derived by him. 12. In view of the above, it is believed that the accused Shri Hemal Arunbhai Mehta is in possession of proceeds of crime and has suppressed the crucial material evidences for the investigation. He is deliberately withholding and not divulging the same, thus jeopardizing the investigation under PMLA, 2002 and as such his custodial interrogation is very much essential to unearth the layering and end use of proceeds of crime derived by him. Further, he is also at flight risk and securing his presence during the investigation and trial would be difficult." 17. From the reading of grounds of Arrest, a new case has been introduced which is contrary to the ear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the jurisdictional police and or pending enquiry/trial including by way of criminal complaint before the competent forum. 20. In the grounds of Arrest, the allegation that is made against the writ petitioner is that he is in possession of proceeds of crime and had suppressed the crucial material evidence for investigation. 21. In Paragraph 11 of the grounds of Arrest, it is further mentioned that the writ petitioner sold 1 lakh shares which were purchased earlier by him and generated the proceeds of crime to the tune of Rs.4,77,85,000/-. 22. After examining the aforesaid Judgment of the Hon'ble Supreme Court, we are also convinced that the writ petitioner cannot be treated as an accused for any offence punishable under the Preventio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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