TaxTMI 
TaxTMI 
2026 (3) TMI 1075
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....2024 (Exemp.) MP-PMLA-2497/DLI/2024 (Stay) FPA-PMLA-1144/DLI/2024, MP-PMLA-2500/DLI/2024 (Exemp.) MP-PMLA-2499/DLI/2024 (Stay) FPA-PMLA-1145/DLI/2024, MP-PMLA-2502/DLI/2024 (Exemp.) MP-PMLA-2501/DLI/2024 (Stay) FPA-PMLA-1146/DLI/2024, MP-PMLA-2504/DLI/2024 (Exemp.) MP-PMLA-2503/DLI/2024 (Stay) FPA-PMLA-1147/DLI/2024, MP-PMLA-2506/DLI/2024 (Exemp.) TP MP-PMLA-2505/DLI/2024 (Stay) PMLA FPA-PMLA-1148/DLI/2024, MP-PMLA-2508/DLI/2024 (Exemp.) MP-PMLA-2507/DLI/2024 (Stay) FPA-PMLA-1149/DLI/2024, MP-PMLA-2510/DLI/2024 (Exemp.) MP-PMLA-2509/DLI/2024 (Stay) FPA-PMLA-1150/DLI/2024, MP-PMLA-2512/DLI/2024 (Exemp.) MP-PMLA-2511/DLI/2024 (Stay) FPA-PMLA-1151/DLI/2024, MP-PMLA-2514/DLI/2024 (Exemp.) MP-PMLA-2513/DLI/2024 (Stay) FPA-PMLA-1152/DLI/2024, MP-....
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.... Secretary of CFI entered into criminal conspiracy with other members to fraudulently transfer Rs. 1.36 Crores from abroad in the guise of payments related to international trade of goods. The money was routed to PFI and its related entities to remit suspicious funds from abroad through bogus and mala-fide transactions. During the search conducted on 03.12.2020 at the PFI's Kerala State Headquarters at Unity House, Kozhikode Kerala, some digital devices were recovered and seized. Out of the seized devices, a document was extracted containing a list of entities used by the PFI for holding benami properties on their behalf. One such entity was a company under the name and style of M/s Multiflor Builders Pvt. Ltd. (MBPL). 4. Further analysi....
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....oad. 5. The respondents have attached the bank accounts to which money was transferred by MBPL amounting to Rs. 1,19,81,250.77/- under Section 2(1)(u) of the Act of 2002. Arguments of the appellants: 6. The learned counsel for the appellants submitted that MBPL was incorporated on 12.03.2018 with Rs. 1.5 Crores of capital comprising of Rs. 10 Lakhs each from 15 individuals. The assets were purchased by the company on 22.09.2018 from M/s Intermedia Publishing Ltd. and was sold in the year 2020 to one Thameek EK for a consideration of Rs. 1.60 Crores. The counsel urged that transaction with M/s Intermedia Publishing Ltd. and Thameek EK was legitimate and has relied upon the agreements annexed as the part of record. 7. It was when the....
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....ding for the sake of brevity. Finding of the Tribunal: 11. The brief facts of the case show that various FIRs were registered against PFI for the offence under the provisions of IPC, UAPA and the IT Act. One Mr. KA Rauf Sheriff was a member of PFI and engaged in a criminal conspiracy with other members to fraudulently transfer Rs. 1.36 Crores from abroad under the guise of payments related to international trade of goods. A search was conducted at the Kerala Headquarter office of PFI where documents were seized. The extracted portion of the seized documents revealed a company under the name and style of M/s Multiflor Builders Pvt. Ltd. which has been alleged to be one of the related entities of PFI and was used to park funds of the PF....
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.... It was further argued that the money transferred to the bank accounts of the individuals was the share application money along with accumulated profits amounting to Rs. 10,30,000/- each at the time of closing down of business of MBPL. 15. No nexus could be drawn by the respondents to show that MBPL did not have legitimate business transaction or to show any link with PFI or its related entities. Merely because a document reflecting the name of MBPL was seized in the office of PFI is not sufficient to arrive at a conclusion that MBPL had any connection with PFI or its entities. 16. We have considered the rival submissions of the parties and scanned the record carefully. 17. The counsel for the appellants argued that money transferr....