PMLA
Delhi Excise Policy Case: PMLA Appellate Tribunal Upholds ₹24.25 Cr Attachment Of Properties Of Gautam Malhotra, Companies
The PMLA Appellate Tribunal (Appellate Tribunal under SAFEMA) has upheld the attachment of properties linked to Diamond Liquors Pvt. Ltd., Gautam Malhotra, and Gautam Wines Pvt. Ltd., rejecting their challenge to the attachment of Rs. 24.25 crore in a case arising from allegations of kickbacks and cartelization under the Delhi Excise Policy 2021 to 22. A coram led by Chairman Justice Munishwar Nath Bhandari, along with Member G. C. Mishra, found that the funds were not incidental but were used...
PMLA Appellate Tribunal Sets Aside ED Attachment Of Mortgaged Properties In Samprash Foods Case
The PMLA Appellate Tribunal (Appellate Tribunal Under SAFEMA) on Wednesday set aside the Enforcement Directorate's attachment of properties mortgaged to IDBI Bank and Union Bank of India in a money laundering case linked to Samprash Foods Ltd., accepting the banks' contention that the action did not meet the requirements of Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.Member V. Anandarajan held that the ED had not shown, on record, that the attached properties were...
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...
AgustaWestland Case: PMLA Appellate Tribunal Upholds ED Attachment Of ₹6.33 Crore Properties Of Media Exim
The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) in New Delhi on Thursday upheld the attachment of properties acquired by Media Exim Pvt. Ltd. using about Rs 6.33 crore alleged to be linked to proceeds of crime in the AgustaWestland VVIP helicopter deal, dismissing appeals filed against the Enforcement Directorate's action. A single-member bench of V. Anandarajan rejected appeals filed by J.B. Subramaniyam, Bhanu Nanda and Media Exim Pvt Ltd challenging the...
No Proof Of Proceeds Of Crime, PMLA Appellate Tribunal Sets Aside ED Attachment Based On Common Directorship
The PMLA Appellate Tribunal (Appellate Tribunal under SAFEMA) recently set aside the provisional attachment of six immovable properties valued at Rs 23.85 crore belonging to multiple third-party entities, holding that the Enforcement Directorate cannot sustain attachment in the absence of any proven flow of “proceeds of crime” and that mere common directorship or shareholding is insufficient to establish such a nexus. A coram comprising Member V. Anandarajan allowed appeals filed by Suncity...
Property Purchased Before PMLA Can Be Attached If Derived From "Proceeds Of Crime": Delhi High Court
The Delhi High Court on Monday 16 March, held that the offence of money laundering is a continuing offence, and property purchased from “proceeds of crime” can be attached under the Prevention of Money Laundering Act, 2002 (PMLA), even if it was acquired prior to the Act coming into force. A Division Bench comprising Justice C Hari Shankar and Justice Om Prakash Shukla upheld the provisional attachment order issued by the Enforcement Directorate (ED). The Bench observed: “Viewed thus, so long...
SAFEMA Tribunal Confirms ₹50 Lakh ED Attachment In Syndicate Bank Bribery Case Linked To Former CMD
The Appellate Tribunal under SAFEMA on 12 March held that the provisional attachment of Rs. 50 lakh recovered from the close relatives of Syndicate Bank's former CMD constitutes proceeds of crime under the Prevention of Money Laundering Act (PMLA). A Bench comprising Members Balesh Kumar and Rajesh Malhotra allowed the appeal filed by the Directorate of Enforcement (ED), setting aside the order of the Adjudicating Authority, which had earlier declined to confirm the provisional attachment of...
Dalmia Cement Gets Partial Relief As PMLA Appellate Tribunal Cuts Proceeds To ₹92 Cr In ED Case Linked To YS Jagan Mohan Reddy
In a case linked to alleged quid pro quo investments involving former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy, the Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) in Delhi has reduced the proceeds of crime attributed to Dalmia Cement (Bharat) Ltd from Rs. 793.34 crore to Rs. 92.52 crore while partly allowing the company's appeal against the attachment of properties. A single-member coram of V. Anandarajan was hearing an appeal challenging an order dated...
Supreme Court Refuses To Interfere With Denial Of Anticipatory Bail To Chartered Accountant In PMLA Case
The Supreme Court recently refused to interfere with the Delhi High Court's order denying anticipatory bail to chartered accountant Bhaskar Yadav in a Rs. 640 crore money laundering case linked to fraudulent investment and part-time job schemes.“We do not find any ground to interfere with the impugned order passed by the High Court,” a Bench of Justices M.M. Sundresh and Augustine George Masih observed while dismissing Yadav's special leave petition. The court, however, granted Yadav 10 days'...
Confiscation Under PMLA Cannot Proceed While Appeal Against Attachment Is Pending: Supreme Court
The Supreme Court on Friday (February 6) held that confiscation proceedings under the Prevention of Money Laundering Act (PMLA) cannot be taken forward while an appeal against the confirmation of attachment is pending before the Appellate Tribunal. The Court clarified that once an attachment order passed under Section 8(3) of the PMLA is challenged under Section 26, a “deemed embargo” operates, preventing the Special Court from deciding confiscation proceedings under Section 8(7) until the...