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TMI Blog2022 (12) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner Company to submit their explanation to the respondent along with all supporting documents and we expect the respondent to proceed further with the investigation within the scope of PML Act. The Apex Court time and again has frowned upon interference into investigations conducted by the Investigation Agency since Courts are not expected to stall investigations, which falls within the exclusive domain of the executive, unless such an investigation is found to be without jurisdiction or there is misuse of power of investigation or such an investigation is an abuse of process of law. There are no ground to interfere with the investigation conducted by the respondent - petition dismissed. - W.P.No.28140 of 2022 And WMP No.27428 of 2022 - - - Dated:- 19-12-2022 - Honourable Mr.Justice P.N.Prakash And Honourable Mr. Justice N. Anand Venkatesh For the Petitioner : Mr.B.Kumar Senior Counsel for Mrs.T. Kokilavanee For the Respondent : Mr.N.Ramesh Special Public Prosecutor ORDER This Writ Petition has been filed for the issue of a Writ of Mandamus forbearing the respondent from proceeding further in ECIR/ CEZO- II/ 26/2022, on the ground that the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plaint will show that what has been alleged against the petitioner was only contravention of the provisions of FEMA and there is no IPC offence involved in this case. It was further contended that the FIR in Crime No.161 of 2022 has already been put to challenge in Crl.O.P.No.21536 of 2022 and the same has been entertained and an interim order has been passed on 07.09.2022, to the effect that no final report should be filed till the disposal of the Criminal Original Petition. The learned Senior Counsel further contended that the grievance of the AXIS bank is that the petitioner Company did not disclose to the bank that there is a FEMA case against them in the application for making foreign remittance and this issue was already dealt with by the Competent Authority under Section 37A (2) of the FEMA and the adjudicating authority came to a conclusion that no violation was committed by the petitioner Company and as a result, the seizure order passed by the Directorate of Enforcement was set aside through proceedings dated 25.07.2022. In view of the same, AXIS bank cannot have any grievance against the petitioner and the complaint itself came to be given only to enable the respondent t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not cooperating for the investigation and this case involves serious cross-border money laundering. Hence, the learned Special Public Prosecutor concluded his arguments by submitting that the ongoing investigation cannot be interfered and that there are no merits in this Writ Petition. 8. We have carefully considered the submissions made on either side and the materials available on record. 9 . AXIS bank has filed a complaint before the Central Crime Branch, Chennai, on 08.08.2022, against the petitioner Company and others and an FIR has been registered in Crime No.161 of 2022, for offence under Sections 417 and 420 of IPC. The main allegation that has been made in the complaint is that the AXIS bank was acting as the authorised dealer and was handling the remittances of the petitioner Company towards the Overseas Direct Investments. While making these remittances, the remitter is mandated to give the complete and correct declaration to enable the bank to examine the details and decide as to whether there is a need to approach the RBI for taking necessary approvals/clarifications or whether the remittances can be carried out under the automatic route as per the Reserve Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es in the hands of the wholly owned subsidiaries of the petitioner Company, situated outside India, would constitute proceeds of crime. According to the respondent, the Directors and the Promoters of the petitioner Company have wrongfully gained by siphoning off huge amounts of money and valuable foreign exchange has been lost by our Country. 12. The Apex Court in Vijay Madanlal Choudhary and Others .Vs. Union of India and Others reported in 2022 SCC OnLine SC 929 has held that ECIR is an internal departmental document which cannot be equated with an FIR and it only paves way for commencing an investigation under the PML Act. To start such an investigation, what is required is that there must be a predicate offence which must be a schedule offence as specified in the schedule to the PML Act. That apart, it is enough if there is a prima facie material to show that the schedule offence has generated proceeds of crime. Both these requirements are satisfied in the present case and we are not in agreement with the submission of the learned Senior Counsel to the effect that the respondent lacks jurisdiction to investigate the case under the PML Act. The judgment that was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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