TaxTMI 
TaxTMI 
2026 (8) TMI 1708
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....ent Nos.1 & 2, and Mr. V.T. Kalyan, learned Standing Counsel for Central Government appearing on behalf of respondent No.3. 2. The instant Writ Petition under Article 226 of the Constitution of India has been filed by the petitioner challenging the order dated 23.01.2026, passed by the Adjudicating Authority under the Prevention of Money Laundering Act, 2002 (for short 'PMLA') at New Delhi, in Original Complaint (OC) 383/2025 in PAO No.31/2025 dated 13.08.2025 in ECIR/HYZO/12/2023. 3. Vide the impugned order; the Adjudicating Authority had confirmed the Provisional Attachment Order (for short 'PAO') dated 13.08.2025, passed under Section 8(3) the PMLA. 4. The facts of the case are that the investigation under PMLA was initiated vid....
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....more particularly on the perusal of the bank statements of various parties and entities, it was found that several entities that were identified were prima facie shell / defunct entities and their account statements were also obtained and analyzed. Based on this investigation, more searches were conducted at various premises and at other related persons and bank statements, few of which were also frozen. 7. It is said that the petitioner had utilized the cash deposits and layered and concealed the funds belonging to M/s. Ramakrishna entities through the petitioner establishment for purchase of a vacant land admeasuring 324.64 square yards in Plot No.11 (part), 12 and 34 (part) of Rohini Layout situated in survey No.64 (part) of Madhapur ....
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....assessed and that which is said to be the proceeds of crime valuing Rs. 1,88,50,000/-, against which the petitioner is ready to furnish a bank guarantee, if at all ultimately the original complaint case stands decided against the petitioner, the Enforcement Directorate would be free to encash the bank guarantee, which the petitioner shall keep alive till the conclusion of the proceedings. 10. The contention of the learned counsel for the petitioner as contended by the Enforcement Directorate is also that of having used the fraudulently acquired money for the purpose of purchase of the subject property and it is for this fraudulently acquired property which has otherwise now become a proceed of crime that the petitioner intends to furnish....
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....24 of 2023, decided on 21.04.2023). 14. Per contra, the learned counsel for the respondents submitted their counter affidavit opposing the Writ Petition; firstly on the ground of the petitioner having a remedy of appeal available, whereby the petitioner could had challenged the same by filing an appeal under Section 26 of the PMLA before the Appellate Tribunal under the PMLA. Further, the relief sought for by the petitioner in substituting the attachment of immovable property by substituting it with a bank guarantee worth the said property's value is again not one which could be granted through a petition under Article 226 of the Constitution. What is necessarily required is the availability of such a provision which stands conferred upo....
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....uld amount to the petitioner being permitted to make profits from the proceeds of crime. This in other words means permitting the petitioner to make profits from the said property which has been otherwise purchased from illegal means. 18. Lastly, it was contended that since the statute itself does not provide for any such provision, accepting the prayer of the petitioner at this juncture would amount to reading something about which the statute is otherwise silent. Thus, prayed for rejection of the Writ Petition. 19. Having heard the contentions put forth on either side and on perusal of records, a plain reading of the pleadings of the Writ Petition, as also on considering the submissions made by the learned counsel for the petitioner....
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.... case where the property acquired from the proceeds of crime was either no longer available or the property was unable to be identified. In the said situation, a security equivalent to the value of such property could not been considered for. 21. From the materials available on record, it is also revealed that the petitioner is associated with M/s. Ramakrishna Group and from the various entries within the two establishments and its other entities, laundering of the local funds encashed by the accused persons could be easily seen being routed between M/s. Neemax Enterprises and M/s. Neemax Buildcon. Further, from the verification of the bank accounts of these different entities under the same group would reveal that huge amount of cash de....