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2025 (12) TMI 1467
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.... Money Laundering Act, 2002 (PMLA) in the Original Complaint No. 893/2018 (OC). The Provisional Attachment Order No.03/2018 dated 01.02.2018 (PAO) issued in ECIR No. PTZO/05/2017 dated 31.07.2017 was confirmed vide the Impugned Order. The Impugned Order included the attachment of Maruti Brezza Car bearing No. JH 09 AH 9713 of the value Rs. 10,69,173/- in the name of the owner Shri Dhanik Lal Mandal, who had hypothecated the said car to the Appellant Punjab National Bank against the loan of Rs. 6,50,000/- extended by the Appellant Bank to Shri Mandal. 2. Ld. Counsel for the Appellant PNB stated that Shri Dhanik Lal Mandal had approached the Appellant Bank for sanction of a car loan. The Appellant Bank sanctioned Rs. 6,50,000/- for purchas....
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....ds thereof should go the State. However, in the instant case, the hypothecated assets are created from the loan disbursements and the same ought to be liquidated only to compensate the banks which have been wronged by defaults in repayment of the loan facilities. The doctrine of restitution would, ensure to the benefit of the person injured, which, in the instant case, would be the members of the consortium. Ld. Counsel therefore pleaded to allow the Appeal. 3. Ld. Counsel for the Respondent Directorate stated that Shri Dhanik Lal Mandal in his statement under Section 50 of PMLA was unable to state his monthly income and stated having filed ITRs only for two years 2016-17 and 2017-18. He failed to submit any documentary evidence with res....
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....ct, NDPS Act at different Police Stations in Gaya. In FIR No. 06/2013 dated 07.02.2013 of Police Station Raushan Ganj, Gaya, Bihar, he has been charge-sheeted along with his brother Shri Sandeep Yadav. A number of his properties have been attached in the Impugned Order. Shri Dhanik Lal Mandal could never produce any documentary evidence for explanations given by him with regard to the acquisition of the properties in his name and in name of his wife Smt. Gudiya Devi. The Provisional Attachment of the said properties has been confirmed in the Impugned Order. We find that the Appeal No. FPA-PMLA-2452/PTN/2018 filed by Shri Dhanik Lal Mandal has been dismissed for non-prosecution. 5. We observe that on 15.09.2017, Shri Dhanik Lal Mandal pur....
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....s various bank accounts. We therefore observe that the due diligence claimed to have been exercised by the Appellant Bank before sanctioning the loan was not adequate given the antecedents of Shri Dhanik Lal Mandal. 6. The Appellant Bank has also argued that the provisions of the PMLA cannot override those of SARFAESI Act and RDDB Act. Moreover, having given loan against the purchased vehicle, which is a secured asset since Shri Dhanik Lal Mandal issued a letter of hypothecation of the said vehicle to the Appellant Bank, its provisional attachment could not have been confirmed in the Impugned Order. In this regard, we rely upon the Judgment dated 02.04.2019 of the Hon'ble Delhi High Court in the matter of Deputy Director, Directorate of ....
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.... SARFAESI Act. Similarly, mere issuance of an order of attachment under the PMLA does not ipso facto render illegal a prior charge or encumbrance of a secured creditor, the claim of the latter for release (or restoration) from the PMLA attachment being dependent on its bona fides. xxxx (xiv) If it is shown by cogent evidence by the bona fide third party claimant (as aforesaid), staking interest in an alternative attachable property (or deemed tainted property) claiming that it had acquired the same at a time anterior to the commission of the proscribed criminal activity, the property to the extent of such interest of the third party will not be subjected to confiscation so long as the charge or encumbrance of such third party su....