Appellate Tribunal
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...
Proceeds Untraceable: PMLA Appellate Tribunal Upholds ED Attachment Of Equivalent Value Property
The Appellate Tribunal under the Prevention of Money Laundering Act has upheld the attachment of properties worth about Rs 1.63 crore linked to the alleged Delhi Jal Board contract case, reiterating that when the proceeds of crime cannot be traced, authorities are within their rights to attach assets of equivalent value.The ruling came while dismissing appeals filed by NKG Infrastructure Ltd., Anil Kumar Aggarwal, and Poonam Aggarwal. The bench of Justice Munishwar Nath Bhandari and Member...
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...