{"id":232907,"date":"2020-07-27T18:35:50","date_gmt":"2020-07-27T13:05:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=232907"},"modified":"2020-07-31T11:29:28","modified_gmt":"2020-07-31T05:59:28","slug":"ori-hc-perpetrators-of-ponzi-schemes-have-entered-in-a-proverbial-faustain-bargain-bail-refused-to-accused-of-money-laundering-by-way-of-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/27\/ori-hc-perpetrators-of-ponzi-schemes-have-entered-in-a-proverbial-faustain-bargain-bail-refused-to-accused-of-money-laundering-by-way-of-ponzi-scheme\/","title":{"rendered":"Ori HC | “Perpetrators of ponzi schemes have entered in a proverbial Faustain bargain”: Bail refused to accuse of money laundering by way of ponzi scheme"},"content":{"rendered":"

Orissa High Court:\u00a0<\/strong>S.K. Panigrahi, J., while addressing a matter with regard to money laundering by way of ponzi schemes, stated that,<\/p>\n

“Act of money laundering is done in an exotic fashion encompassing a series of actions by the proverbial renting of credibility from the innocent investors.”<\/p><\/blockquote>\n

Petitioner has sought bail in a complaint case pending before Sessions Judge, Special Court under PMLA.<\/p>\n

Cheating<\/span><\/h4>\n

Case under Sections 406, 420, 468, 471 and 34 of Penal Code and Sections 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 was registered on the basis of a complaint alleging that the complainant had been cheated and defrauded by alluring to invest Rs 10,000 in the attractive investment scheme of Fine Indiasales (P) Ltd.<\/p>\n

Complainant further submitted that he had introduced 20 more people to invest in the said scheme.<\/p>\n

Complainant neither received the financial product nor the product voucher as per the agreement with FIPL.<\/p>\n

\n

FIPL collected huge amounts of money from the public and ultimately duped huge amount from innocent public by giving false assurance of high return for their deposit of money.<\/span><\/p>\n<\/blockquote>\n

In view of the above, complainant requested for an investigation.<\/p>\n

FIPL floated a fraudulent scheme<\/span><\/strong><\/p>\n

According to the investigation it was found that, FIPL had floated a fraudulent scheme with a terminal ulterior motive to siphon off the funds collected from public.<\/p>\n

Ponzi Scheme<\/span><\/h4>\n
\n
\n
\n

The advertised scheme of FIPL, ex-facie appeared to be a bodacious Ponzi scheme<\/strong><\/span>, inducing the susceptible depositors by way of misrepresentation, promising immediate refund in case of any default and timely payment of return on the part of FIPL.<\/p>\n

Investigation prima facie established that the accused persons connected with\u00a0 FIPL not only criminally conspired and cheated the depositors but also lured them into the scheme with a rogue mindset.<\/p>\n

Machiavellian Layering | Shell Companies<\/span><\/h4>\n

Investigation revealed that the said money, stained with the sweat, tears and blood of multitudes of innocent people has since been moved around and subjected to Machiavellian layering through a myriad of shell companies and bogus transactions.<\/span><\/p>\n

The collected amount was immediately transferred to different bank accounts of individuals as well as firms under the management and control of the Promotors\/Directors\/Shareholders of the said FIPL which is nothing but an act of sheltering.<\/span><\/p>\n

Money Laundering<\/span><\/strong><\/p>\n

\n
\n
\n

Modus Operandi<\/em> adopted while transferring the prodigious sum of ill-gotten wealth with the singular intention of concealing the original source of funds and to project the tainted money as untainted ex facie constitute the offence of money laundering.<\/strong><\/p>\n

Court’s Observation<\/span><\/h3>\n
\n

On the cursory look, Court prima facie observed that dishonesty, untruth and greed eroded the faith of common investors.<\/span><\/p>\n<\/blockquote>\n

One of the significant stages of money laundering is “layering”, and in the present case, multiple use of corporate vehicles was done and the amount was layered further.<\/p>\n

\n
\n
\n
\n

The act money laundering involves the process of placement, layering and integration of \u201cproceeds of crime\u201d as envisaged under Section 2 (u) of the Act, derived from criminal activity into mainstream fiscal markets and transmuted into legitimate assets.<\/span><\/p>\n

\n
\n
\n

“…laundering of tainted money having its origins in large scale economic crimes pose a solemn threat not only to the economic stability of nations but also to their integrity and sovereignty.”<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n

\n
\n
\n

Proceeds of Crime<\/span><\/strong><\/p>\n

\n
\n
\n

Petitioner along with others attempted to project the “proceeds of crime” as untainted money by transferring the same to different bank accounts in a bid to camouflage it and project it to be genuine transactions.<\/p>\n

Financial Terrorism<\/span><\/strong><\/p>\n

Bench added to its analysis that, offence of money laundering is nothing but an act of “financial terrorism”<\/strong><\/span> that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation.<\/p>\n

Supreme Court’s opinion<\/span><\/strong><\/p>\n

\n
\n
\n

Supreme Court of India has consistently held that economic offences are sui generis in nature as they stifle the delicate economic fabric of a society.<\/p>\n

Faustain bargain<\/span><\/strong><\/p>\n

\n
\n
\n

Perpetrators of such deviant \u201cschemes,\u201d including the petitioner in the present case, who promise utopia to their unsuspecting investors seem to have entered in a proverbial \u201cFaustian bargain\u201d and are grossly unmindful of untold miseries of the faceless multitudes who are left high and dry and consigned to the flames of suffering.<\/strong><\/span><\/p>\n

Reputational Damage of the Country<\/span><\/strong><\/p>\n

Abuse of financial system in the manner that occurred in the present case can inflict the reputation of the country in the world of business and commerce.<\/p>\n

\n
\n
\n

Alleged offence of money laundering committed by the petitioner is serious in nature and the petitioner\u2019s role is not unblemished.<\/p>\n

Hence, Court refused bail to the accused\/petitioner. [Mohammad Arif v. Directorate of Enforcement, Govt. of India, 2020 SCC OnLine Ori 544<\/b><\/a> , decided on 13-07-2020]<\/p>\n

\n

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Orissa High Court:\u00a0S.K. Panigrahi, J., while addressing a matter with regard to money laundering by way of ponzi schemes, stated that, “Act <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,10],"tags":[4751,42735,2664,32378,42755,42752,42751,10141,36517,42733,42756,42747,42774,35599,42750,42749,36138,37146,34084,42734,25244,42748,29934],"class_list":["post-232907","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-highcourts","tag-scc","tag-abuse-of-financial-system","tag-Bail","tag-cheating","tag-ebc-books","tag-fine-indiasales-p-ltd","tag-fipl","tag-fraud","tag-fraud-cases","tag-investment-scheme","tag-investor","tag-laundering-of-money","tag-macro-economic","tag-money","tag-money-fraud","tag-money-laundering-case","tag-money-laundering-search-seizure","tag-orissa-high-court","tag-pmla","tag-ponzi-scheme","tag-prevention-of-money-laundering-act","tag-scc-blog","tag-shell-companies"],"yoast_head":"\nOri HC | "Perpetrators of ponzi schemes have entered in a proverbial Faustain bargain": Bail refused to accuse of money laundering by way of ponzi scheme | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/07\/27\/ori-hc-perpetrators-of-ponzi-schemes-have-entered-in-a-proverbial-faustain-bargain-bail-refused-to-accused-of-money-laundering-by-way-of-ponzi-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ori HC | "Perpetrators of ponzi schemes have entered in a proverbial Faustain bargain": Bail refused to accuse of money laundering by way of ponzi scheme\" \/>\n<meta property=\"og:description\" content=\"Orissa High Court:\u00a0S.K. 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