TaxTMI 
TaxTMI 
2022 (8) TMI 1054
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....file of the learned XII Additional Special Judge for CBI & PMLA Cases at Chennai, seeks bail. 2. As per the report, the respondent registered Enforcement Case Information Report (ECIR) No. for the offences under Sections 465, 467, 468, 471 and 420 of IPC on the file of the CCB-I and Office of the Commissioner of Police, Egmore, Chennai. Since the offence under Sections 420, 467 & 471 of IPC are scheduled offences under Sections 2(1)(x) and 2(1)(y) of PMLA, the respondent recorded in CEZO/05/2017 dated 01.04.2017. M/s.BK Electro Tool Products is the sole proprietorship concern owned by one, B.Kannan. The account holder / A1 opened a current account in the name and style of M/s.BK Electro Tool Products with Indian Bank, Thousand Light Bran....
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.... name of M/s.Levensun Global Solutions Private Limited. Likewise, the fourth accused imported documents for and on behalf of M/s.BK Electro Tool Products. A5 also filled the account opening form of M/s.BK Electro Tool Products thereby using one and the same Pan No. in the name of M/s.BK Electro Tool Products A1 and A2 made overseas wire transfer to the tune of Rs.33,79,45,856/- through four banks and the second accused made overseas wire transfer to the tune of Rs.25,67,57,904/- through three banks without making any corresponding imports into the country. A6 issued five certificates in Form 15CB in favour of M/s.BK Electro Tool Products that resulted in making foreign outwards remittances of Rs.3,45,45,182/- through SBT, Mount Road Branch,....
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....ols Products. He further submitted that M/s.BK Electro Tool Products had imported goods from abroad by filing bill of entry and cleared the customs after payment of appropriate duty. After clearance of the goods, it has to pay the supplier and they made payment through Indian Bank, Thousand Lights Branch, Chennai. According to the case of the prosecution, an excess payment were made for non existence import with fake bill of entry. Therefore, the petitioner has nothing to do with the allegations made by the respondent. Since he never operated any account maintained with the HSBC account, there is no evidence to show that the petitioner is an account holder of M/s.Decent Mount Limited or M/s.Flourish Noble Limited which is situated in Hongko....
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....bsolutely no change of circumstances to grant bail to the petitioner. He further submitted that if the petitioner is released on bail, there is possibility of fleeing away from country and the entire trial will be stalled. The economic offence, particularly the international trade based money laundering, carried out by the highly placed persons in the society and carried out by exploiting the poverty of the name lenders. A3 had acted at the behest of the petitioner herein. He received forged identity documents and forged import documents of M/s.BK Electro Tool Products from the petitioner. Therefore, he carried out white collar crime by engaging name lenders, exploiting their poor status in the society. Therefore, the role played by the pet....
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....nion of Idia & anr. case, the Section 45 of the PML Act saw amendment vide from 19.04.2018. After effecting amendment to Section 45(1) of the PML Act, the words "under this Act" are read to sub Section (1) of Section 45 of the PML Act. On a comparative reading of Section 45(1) of the PML Act, pre-amendment and post-amendment, as could be observed, original sub-Section 45(1)(ii) is neither revived or resurrected by the amending Act. The notification dated 29.03.2018 is silent about its retrospective applicability. Therefore, the legislature has not withdrawn the twin conditions from Section 45 of the PML Act, though in the case of Nikesh Tavachand Shah Vs. Union of Idia & anr., the Hon'ble Supreme Court of India has struck down the same ....