Balancing Enforcement and Enterprise: A Case Study on M3M’s Substitution of Attached Property under the PMLA
by Divyangna Malik*, Rahul Suresh** and Sankalp Tewari***
Enforcement Directorate
[2005 IPO Scam] PMLA Appellate Tribunal confirms provisional attachment of Karvy Consultant’s FDR of Rs 65 lakh
“A professional group like Karvy cannot abdicate its responsibility to ensure genuine transactions. The failure to exercise due diligence with respect to the work facilitated the key operators to earn huge profits out of the mala fide allotment of shares of the two entities i.e., Yes Bank Ltd. and IDFC in their IPO subscription.”
PNB Fraud Case | ATFP upholds attachment of Nirav Modi’s aide’s New York property worth $ 7.1 million by ED
Hearing an appeal filed by co-accused Mihir Bhansali’s wife, the Tribunal stated that PMLA, 2002 entitles the attachment of proceeds of crime which are either generated as a result of criminal activity relating to a scheduled offence, or, equivalent value, or, where such proceeds of crime is taken, or, held outside the country.
Bombay HC discharges Maharashtra Minister and Senior NCP Leader Chhagan Bhujbal’s CA in money laundering case
“Mere absence of due diligence, even if assumed for arguments sake, does not amount to the commission or omission of an offence under Section 3 of the PMLA, 2002.”
Supreme Court unlocks the right to access documents under PMLA
by C. George Thomas* and Ansh Mittal**
[Karuvannur Bank Scam] Kerala High Court cautions police to ensure fair and unbiased investigation, free from political influence
“This court, therefore, hopes and trusts that the investigating officer will carry out the investigation in a proper and fair manner as expected from him being the officer of the police force.”
SC puts stay on Allahabad HC decision directing PMLA Special Court to consider claim in alleged disregard of Rule 3A PMLA Rules, 2016
The Petitioner further contended that the second proviso to the Section 8(8) of PMLA, 2002, is in contravention with the settled law provided under the PMLA, 2002.
Punjab & Haryana HC refuses to de-freeze Vuenow Infotech’s bank accounts in Cloud Particle Scam case
“Though the Constitutional Courts are the sentinels of justice, however, this power of judicial review is required to be exercised with due care and caution and interference at the stage of investigation is made in rare and exceptional cases.”
Bombay HC imposes Rs 1 Lakh cost on Lalit Modi for seeking indemnification from BCCI against ED’s penalty
“In matters of alleged indemnification of the petitioner in the context of penalties imposed upon Lalit Modi by the ED, there is no question of discharge of any public function, and therefore, for this purpose, no writ could be issued to the BCCI.”
Karnataka HC denies bail to Founder & Chairman of Sri Guru Raghavendra Sahakara Bank accused of misappropriating approximately Rs. 1553 crores
The bail application of the Founder-Chairman has been denied for the fourth time. Earlier, his bail was denied twice by the Court and once by the Supreme Court.
Read why Kerala HC directed ED probe and payment to victims of Edamulackal Co-Operative Bank fraud case
The Court questioned the authorities as to why the initial FIR was lodged only against the former Secretary and the recovery proceedings were referred to the joint secretary who had no authority.
Supreme Court upholds protection from arrest for accused in Rs 6,000 Crore Ponzi Scam, Cites ED’s delay in responding to notice
Supreme Court observed that ED had ample time to file the counter affidavit.
Custodial statements under Section 50 PMLA are inadmissible; MP High Court grants bail
“The arrest should be rational, fair and as per law and shall not be merely based upon guilt of accused established from inadmissible evidence.”
Not mandatory for PMLA special court to record reasons for cognizance of ED’s Complaint unlike a private complaint under CrPC or BNSS: Delhi High Court
Delhi High Court affirmed that Explanation-II of Section 44(1)(b) of the PMLA applies retrospectively
[Money Laundering] Section 197(1) CrPC applicable to complaint under Section 44(1)(b) of PMLA: SC
The Court pointed out that there is no embargo on considering the plea of absence of sanction, after cognizance is taken by the Special Court of the offences punishable under Section 4 of the PMLA.
‘Adverse remarks against government servants have deleterious impact on their careers’; Delhi HC obliterates adverse observations against ED in Trial Court’s order
‘The law is clear that custody of an accused can be sought even after filing of a chargesheet or complaint.’
Beyond Borders: Transnational Effect of PMLA on Offences Committed Abroad
by Juvraj Singh Bindra* and Bhawna Lakhina**
In Conversation with Malak Bhatt: Exploring the Dynamics of White-Collar Crime and Insolvency Law
Interviewed by Zoya Ahmad
Improper for Court to grant interim relief in routine situations when a party has been directed to seek relief from High Court: Supreme Court
“When a party is relegated to the High Court to pursue its remedies, it would not be proper, in the normal course, to bind the said High Court with directions in relation to the proceedings to be impugned before such Court.”