9911796707
TMI Blog2023 (5) TMI 444X X X X Extracts X X X X X X X X Extracts X X X X ..... ctors involved are skilled and educated, the process of money laundering involves meticulous planning and deft execution in placement, layering and integration of the ill-gotten money in a complex layer of financial transactions to disguise it and project it as untainted. Different players may enter and exit in stages, to bring into fructification the larger design. In order to curb this, Prevention of Money Laundering Act aims at the persons who may not be involved in the predicate offence, but in laundering the proceeds of crime. The offence of money laundering is a stand alone offence and it is not necessary that the person accused of offence under PMLA should also be charged of the Scheduled offence. It is sufficient that proceed of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shing the order dated 01.12.2018 passed in Misc. Criminal Application No. 1145 of 2018 (ECIR/09/Pat/2012) by Special Judge, PML Act, Ranchi whereby and whereunder, the petition for discharge has been rejected. 2. Learned counsel for the petitioner in his submission has submitted the following list of dates for better appreciation: 15.02.2006 The work agreement entered between M/s Classic Coal Construction Ltd. and RCD Engineers Ltd for widening and strengthening of Chakradharpur Kharsawan Road. 15.07.2008 The construction in pursuance of the work order completed. 23.08.2008 Final bill of Rs. 59,70,615/- paid for the executed work. 2010 The petitioner becomes one of the Directors of M/s Classic Coal Constructi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority under Section 25 of PMLA. 4. It is submitted that the company had a healthy business in the year of the said purchase which will be apparent from the balance sheet of the company which is set out in para 59 of the petition wherein it has been stated that the turnover of that financial year was more than Rs. 42 Crore and the income after payment of tax was Rs. 1,05,21,900/-. This paper was filed by the Enforcement Directorate but no finding regarding it has come in the prosecution complaint. No investigation has been done about it in terms of Section 2(n)(a) of PMLA. The petitioner will not be liable in terms of Section 17 of PMLA. 5. Learned counsel for the Enforcement Directorate has opposed the petition and submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into fructification the larger design. 9. In order to curb this, Prevention of Money Laundering Act aims at the persons who may not be involved in the predicate offence, but in laundering the proceeds of crime. The offence of money laundering is a stand alone offence and it is not necessary that the person accused of offence under PMLA should also be charged of the Scheduled offence. It is sufficient that proceed of crime so generated by the commission of scheduled offence, is laundered by the accused for being charged under PMLA. Money laundering is an independent offence has been held in Vijay Madan Lal Choudhary Vs Union of India 2022 SCC OnLine SC 929 : 269. From the bare language of Section 3 of the 2002 Act, it is ampl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d of the crime including its concealment, possession, acquisition or use and projecting or claiming the tainted proceeds of crime. Secondly, it aims at proceeds of crime by making provisions for its attachment and confiscation under Section 5 and 8. It is intended to retrieve the property which is subject matter of the crime or is generated by it. Broadly speaking, there are three stages of attachment. They are (i) provisional order under section 5(1); (ii) confirmation of the provisional order under section 8(3); and finality to the order of attachment under clause (b) of sub-section (3) of Section 8 in confiscation of the property by the order of the special Court. 11. As per section 3 of the Act it is the process or activity connec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d inherited the assets and liabilities of the Company. 14. The argument advanced on behalf of the petitioner that the real estate property purchased in the name of the petitioner were not from the proceeds of crime, but from financial resources of the company, being a question of fact, cannot be considered at the revisional stage. Further, it has been held in Gautam Kundu v. Directorate of Enforcement (Prevention of Money-Laundering Act), (2015) 16 SCC 1: In Union of India v. Hassan Ali Khan [Union of India v. Hassan Ali Khan, (2011) 10 SCC 235 : (2012) 1 SCC (Cri) 256], this Court has laid down that what will be the burden of proof when attempt is made to project the proceeds of crime as untainted money. It is held in the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
