Appeal granted, properties released, attachment lapsed after accused acquitted. The Tribunal allowed the appeal, setting aside the impugned order, as the attachment of properties lapsed under the law due to the acquittal of the ...
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Appeal granted, properties released, attachment lapsed after accused acquitted.
The Tribunal allowed the appeal, setting aside the impugned order, as the attachment of properties lapsed under the law due to the acquittal of the accused individuals.
Issues: 1. Appeal against Impugned Order of Adjudicating Authority 2. Initiation of proceedings under Prevention of Money Laundering Act, 2002 3. Role of accused in scheduled offences under IPC 4. Provisional attachment of immovable properties 5. Adjudication process under PMLA 6. Effect of acquittal on attachment of properties
Analysis: 1. The appellants filed appeals against the Impugned Order of the Adjudicating Authority, challenging the proceedings initiated under the Prevention of Money Laundering Act, 2002. The Tribunal decided to hear the appeals, which were filed within the stipulated time frame.
2. The proceedings under PMLA were initiated following the filing of a Charge Sheet under the Cr.PC by the Inspector of Police against several accused individuals for offenses under IPC Sections 409, 419, 420, 468, and 471. The Directorate of Enforcement conducted investigations under the relevant provisions of PMLA, as authorized by law.
3. The accused individuals were found to have committed scheduled offenses under IPC Sections 420 and 471, involving criminal conspiracy to cheat banks by presenting fake cheques. The investigation revealed their roles in the offenses, leading to the initiation of proceedings under PMLA.
4. Two immovable properties belonging to the accused individuals were provisionally attached under PMLA, and a complaint was filed before the Adjudicating Authority. Notices were issued to the defendants, including the appellants, pursuant to the provisions of the Act.
5. The adjudication process involved a Two Member Bench hearing the defendants and their counsels, with a schedule set for arguments. The appellants filed replies before the Adjudicating Authority, and the legal provisions under PMLA regarding adjudication were followed.
6. Despite being acquitted by the Special Court for the scheduled offenses, the question arose regarding the impact of the acquittal on the attachment of properties under PMLA. The Tribunal considered the relevant provisions of PMLA and noted that the attachment of properties ceased to have effect upon the acquittal of the accused individuals. As no appeal was filed by the State or ED, the attachment of properties lapsed, leading to the setting aside of the impugned order.
In conclusion, the Tribunal allowed the appeal, setting aside the impugned order, as the attachment of properties lapsed under the law due to the acquittal of the accused individuals.
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