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Blanket freezing of accounts of persons who are neither accused nor suspects is arbitrary, disproportionate and violative of Articles 19(1)(g) and 21 of the Constitution of India.
by Siddharth R. Gupta* and Nishant Katiyar**
The petitioners were engaged in large scale hawala transactions and illegal international cricket betting that were conducted through a Super Master Login Id and by creating subordinate Ids for individual bettors and earning commission.
“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.”
“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.”
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.
“Consideration of two conditions mentioned in Section 45 is mandatory, and while considering the bail application, the said rigours of Section 45 have to be reckoned by the court to uphold the objectives of the PMLA.”
“PMLA, being a special and standalone statute, the trial proceedings under this Act do not have any bearing on the trial proceedings or the outcome of the trial proceedings of the scheduled offence.”
by Ajay Wadhwa* and Ragini Handa**
“Being a public figure in politics, petitioner is first and foremost in the public service and it is natural that he will always have something or other happening in his constituency. It is for the public figure to find time and appear before the investigating agency, when so required as per the law.”
Delhi High Court observed that evidence placed on record lends credence to the fact that the applicant was not merely the paper director but was a director who was actively involved in the working of the SBFL.
The gravity of the allegations against the petitioner are very serious in nature and in view of the peculiar facts, the Court opined that this matter must be visited with a different approach as a deep-rooted conspiracy involving huge loss of public funds has been alleged.
by Siddharth R. Gupta†
Cite as: 2023 SCC OnLine Blog Exp 54
by Siddharth R. Gupta†
Cite as: 2023 SCC OnLine Blog Exp 44
The Telangana High Court quashed ED case against Sukesh Gupta and opined that the differential amount of rupee dollar fluctuation could be termed as an outstanding which could be recovered in a civil suit but could not be termed as ‘proceeds of crime’.
The writ petitions raise an important question relating to the powers of the Enforcement Directorate (ED) to provisionally attach properties under Section 5 of the Prevention of Money Laundering Act, 2002 (PMLA) even though no proceedings relating to the predicate offense may have been initiated by the competent agency functioning under an independent statute and in terms of which the scheduled offense stands created.
City Sessions Court, Mumbai: In a bail application filed by Pravin Raut (A3) and Sanjay Raut (A5) against arrest made
Supreme Court: In a case wherein the appeal challenged the final judgment and order passed by the High Court of
Delhi High Court: Yashwant Varma J. categorically held that an allocation of coal cannot possibly be viewed as amounting to ‘proceeds of
Special CBI Court (2G Spectrum Cases): In the infamous 2G spectrum case, the Special Court of CBI has acquitted all 19 accused