PMLA Appellate Tribunal Upholds ED Attachment Of Rs. 3.16 Crore Properties In MPS Greenery Developers Case

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) at New Delhi has upheld the attachment of properties worth about Rs 3.16 crore linked to Pramatha Nath Manna in connection with the MPS Greenery Developers Ltd case.

A coram of members, Balesh Kumar and Rajesh Malhotra, dismissed the appeals challenging the Provisional Attachment Order dated March 28, 2018, which had been confirmed by the Adjudicating Authority on September 18, 2018 under the Prevention of Money Laundering Act, 2002.

The case arises from complaints made in 2014 alleging that MPS Greenery Developers Ltd had fraudulently collected deposits from members of the public by promising high returns and failed to repay maturity and other dues. FIRs were registered in April and June 2014 against Pramatha Nath Manna, the Chairman-cum-Managing Director of the company, under provisions relating to cheating, criminal breach of trust and conspiracy.

The tribunal noted that the attached properties were linked to the proceeds of crime generated by the company and that funds had been routed through Bhola Nath Das for purchase of land, which was later transferred to M/s Temp Store, a firm in which Manna and his family members were partners. The tribunal observed:

“On perusal of record, we find that the attachment of the impugned property in the name of the Appellant M/s Temp Store has been confirmed in the Impugned Order, on the grounds that the proceeds of crime generated by MPS Greenery Developers Ltd. was routed through Shri Bhola Nath Das to purchase the impugned property and then sell it to the Appellant Temp Store.”

The tribunal also referred to the order of the Calcutta High Court dated December 23, 2015, by which a one-man committee had been constituted to identify and secure the assets of the MPS Group of Companies and to settle the dues of investors.

While disposing of the appeals, the tribunal clarified that the appellants are free to seek release of properties after settlement of investor dues by approaching the Special Court under Section 8(8) of the PMLA. The tribunal said:

“The Order dated 02.12.2025 of the Co-ordinate Bench of this Tribunal has granted liberty in connected matters to seek remedy u/s 8 (8) of PMLA after settlement of dues of the Investors. Accordingly, then the Appellants is at liberty to move the Special Court of PMLA under Section 8 (8) of PMLA for release of the properties remaining after the settlement of the dues of the Investors. The two Appeals are disposed of accordingly."