PMLA Appellate Tribunal Upholds Attachment Of Kerala Businessman's ₹2.55 Crore Assets In Invest Bank Fraud Case

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) has upheld the provisional attachment of assets worth Rs. 2.55 crore belonging to a Kerala businessman accused of laundering proceeds of an alleged Rs. 83.36 crore fraud involving the UAE-based Invest Bank. Chairman Justice Munishwar Nath Bhandari dismissed an appeal filed by Abdurahiman Chenoth Thiruthummal against a June 2024 order of the Adjudicating Authority. The order had confirmed the provisional attachment of his...

PMLA Tribunal Upholds ED Attachment, Rejects Plea That Predicate Offence Was Not Scheduled When Committed

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) has recently upheld the Enforcement Directorate's attachment of property belonging to Delhi builder Gopal Krishan Aggarwal. It rejected his contention that proceedings under the anti-money laundering law could not continue because the predicate offence was not a scheduled offence at the time it was allegedly committed. Chairman Justice Munishwar Nath Bhandari dismissed Aggarwal's appeal against the Adjudicating...

PMLA Appellate Tribunal Upholds ED Retention Of ₹67.5 Lakh Seized In Shine City Money Laundering Probe

The Appellate Tribunal under the Prevention of Money Laundering Act has upheld the Enforcement Directorate's retention of Rs. 67.5 lakh seized from Vivek Gupta, who came under the agency's scanner over his alleged links with Shine City Infra Project Managing Director Rashid Naseem. The tribunal held that Gupta failed to substantiate the source of the cash and noted that he has since been named as an accused in the ED's prosecution complaint. Chairman Justice Munishwar Nath Bhandari dismissed...

PMLA Appellate Tribunal Upholds Attachment of Chennai Properties In Alleged FIEWIN Gaming Fraud Case

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) has upheld the attachment of two Chennai plots worth about ₹42.67 lakh. The Enforcement Directorate (ED) alleged that the properties were linked to proceeds of crime generated through the FIEWIN online gaming application. The tribunal rejected a plea that the attachment proceedings had become redundant because a Special Court had already ordered confiscation of the properties. Member V. Anandarajan held that...

Mumbai Jumbo Covid Centre Scam: PMLA Appellate Tribunal Upholds Attachment of Lifeline Hospital Partner's Flat

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) has recently upheld the Enforcement Directorate's (ED) attachment of a flat belonging to Rajeev Salunkhe, a partner of Lifeline Hospital Management Services, in the alleged Rs. 32.44 crore Mumbai Jumbo Covid Centre scam. Chairman Justice Munishwar Nath Bhandari dismissed Salunkhe's appeal challenging a May 2024 order of the Adjudicating Authority. The order had confirmed the provisional attachment of his property to the...

PMLA Appellate Tribunal Upholds Retention Of N.K. Proteins' Assets In 2013 NSEL Scam-Linked Case

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) has dismissed appeals filed by N.K. Proteins Ltd., one of the entities investigated in the National Spot Exchange Ltd. (NSEL) matter, along with its associated entities and directors. The Tribunal upheld the continued retention and freezing of cash and vehicles seized by the Enforcement Directorate in connection with the money laundering investigation. A bench of Members Balesh Kumar and Rajesh Malhotra held that the...

PMLA Tribunal Upholds Freezing of Ex-HUF India MD's Assets, Says Money Trail Establishes Alleged Fraud

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) on 7 May upheld the freezing of bank accounts and other movable assets of former HUF India Pvt. Ltd. Managing Director Sunil Kumar Garg and associated entities, holding that the money trail traced by the Enforcement Directorate (ED) sufficiently established allegations of siphoning and routing of funds in an alleged Rs. 139 crore fraud involving the company. A Bench of Chairman Justice Munishwar Nath Bhandari dismissed a...

PMLA Appellate Tribunal Upholds Attachment Of Rashmi Prasad's Properties In ₹564 Crore Ritz Consultancy Case

Observing that Rashmi Prasad failed to prove that the ₹18.81 crore she received from Amber Dalal and Ritz Consultancy Services were returns on genuine investments, the PMLA Appellate Tribunal upheld the attachment of her properties in the alleged ₹564.33 crore Ritz Consultancy investor fraud case. The matter was heard by Chairman Justice Munishwar Nath Bhandari, who said Rashmi's reliance on bank statements and other documents was insufficient to establish that she was a genuine investor,...

PMLA Appellate Tribunal Unfreezes Accounts Frozen Over Illegal Streaming of ICC T20 Matches By Magicwin

The PMLA Appellate Tribunal has set aside the continued freezing of three bank accounts in a money laundering case arising from allegations of illegal streaming of some ICC Men's T20 World Cup 2024 matches on the Magicwin website. The tribunal, presided over by Member V. Anandarajan, held that the continued freezing could not be sustained merely because the investigation was ongoing. “Other than a bland statement that there is a prima facie involvement of the respondent in alleged proceeds of...

PMLA Appellate Tribunal Sets Aside ED Order Retaining Frozen Assets Of Kwality Ex-Director Sidhant Gupta

The PMLA Appellate Tribunal has set aside an order permitting the Enforcement Directorate (ED) to retain and continue freezing properties linked to former Kwality Limited director Sidhant Gupta and associated entities in a money laundering case arising from an alleged Rs 1,400.62-crore bank fraud involving the company. The tribunal ruled that such retention cannot be sustained merely because the investigation is ongoing. Member V. Anandarajan held that the Adjudicating Authority (AA) failed...

PMLA Tribunal Sets Aside ₹315 Cr ED Attachment Against Viceroy Hotels, Applies Section 32A IBC Immunity

The Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) on 23 April allowed an appeal filed by Viceroy Hotels Ltd., setting aside the Enforcement Directorate's attachment of assets worth over Rs. 315 crore in connection with alleged diversion of bank loan funds by Best & Crompton Engineering Projects Ltd. A Bench comprising Members Balesh Kumar and Rajesh Malhotra held that once a resolution plan is approved under Section 32A of the Insolvency and Bankruptcy Code (IBC),...

PMLA Appellate Tribunal Upholds ₹3.33 Crore Attachment Against Dr Jagdeesh Sagar, Wife In Vyapam PMT Scam

The Appellate Tribunal under the Prevention of Money Laundering Act has recently upheld the attachment of assets worth about Rs. 3.33 crore in the Vyapam-linked Pre-Medical Test (PMT) exam scam. It held that properties can be attached even if they are in the name of a spouse, as long as they are linked to proceeds of crime. A bench of member V. Anandarajan upheld the 2015 order confirming the Enforcement Directorate's actions against Dr. Jagdeesh Sagar and his wife Dr. Sunita Sagar. “In...