2023 (3) TMI 1073

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....ba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. The Petitioner - State Bank of India has filed the present petition seeking setting aside of the impugned order dated 22nd December, 2021 passed by the Adjudicating Authority (PMLA). 3. The case of the Petitioner is that it's case has not even been considered by the Adjudicating Authority (PMLA) despite filing a detail....

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....cheduled offences the charge sheet is not filed against the accused named. In view thereof the Director or any other officer not below the rank of Deputy Director authorized by the Director for the purposes of section 5 of PMLA is empowered to issue an order of attachment of property in terms of second proviso under section 5(1) of PMLA. In the present case the Deputy Director has passed the PAOs ....

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....he present case is that the Deputy Director has entertained the reasonable belief on the basis of material in his possession and secondly whether the reason for such belief are recorded in writing or not. OC-1637/2022 5. COMPLIANCE OF SECTION 5(1):- In the present case, in relation to the scheduled offences the charge sheet is not filed against the accused named. In view thereof the Direct....

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....the Act, the non- attachment of the property is likely to frustrate proceeding under the Act. In the present case there is no dispute as to the authority of the Deputy Director to pass the provisional attachment Order. While examining the compliance of section 5, what is required to be seen in the present case is that the Deputy Director has entertained the reasonable belief on the basis of mat....