2026 (5) TMI 134

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....a Group of Companies for cheating and running an illegal deposit scheme, which led to investigation under the PMLA and identification of proceeds of crime amounting to thousands of crores. During the process of auctioning attached properties as per the directions of the Hon'ble Supreme Court, the petitioner allegedly contacted Enforcement Directorate officials, misrepresented himself as having high-level connections, and attempted to interfere with and derail the auction process. Based on material collected during investigation, including search, seizure of electronic evidence, and recorded statements, the respondent alleges that the petitioner acted in connivance with the main accused and assisted in activities connected with proceeds of c....

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....nd, learned Standing Counsel submitted that the petitioner was arrested lawfully under Section 19 of the PMLA based on "reason to believe" and that there is prima facie material showing his involvement in money laundering by knowingly assisting the main accused in concealing, handling, and attempting to alienate proceeds of crime. He further submitted that the petitioner acted as a liaison for monetary gain, attempted to influence officials, stall auction proceedings, and generate further proceeds of crime. He contended that offences under PMLA are independent of predicate offences, and even a person not named in the FIR can be prosecuted if involved in activities connected with proceeds of crime. Relying on Section 45 of the PMLA and judic....

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....d against under the PMLA if he is found to be directly or indirectly involved in any activity connected with the proceeds of crime, even if he is not named in the predicate offence. The material on record, at this stage, discloses a prima facie link between the petitioner and the alleged offence. 8. Further, the argument that the arrest is in violation of Section 19 of the PMLA and that the petitioner was not issued prior summons are matters which require detailed examination during trial and cannot be conclusively adjudicated at this stage of consideration of bail. The record reflects that the respondent has invoked its powers based on "reason to believe," and such satisfaction cannot be lightly interfered with at this stage. 9. It i....