Prevention of Money Laundry

In a press release issued on 29.03.2022, the Enforcement Directorate (ED) announced that it has provisionally attached movable and immovable properties worth more than Rs. 7.54 Crore belonging to R. Selvaraj and his family members under the Prevention of Money Laundering Act (PMLA), 2002 in Red Sanders Smuggling case. The attached assets include 8 residential plots in Aathoor and Pudhu Erumaivettipalayam, Redhills, Tamil Nadu State, 6 plots of agricultural land situated in Vallakottai village, Sriperumbudur, Tamil Nadu, 2 house properties situated in (i) Venus Colony 2nd Street, Chennai and (ii) Krishna Nagar, Saram Revenue village in Pondicherry and movable properties of Rs 2.07 Crore in the form of assets of M/s Sanjana Metalware India Pvt Ltd. ED initiated money laundering investigations on the basis of an FIR filed by the A.P. Police and Commissionerate of Customs, Chennai. Subsequently, charge-sheet and prosecution complaints were filed by the AP Police & Prosecution wing of C...

As per the news report published on 29.03.2022 in the Indian Express about 80 cases under Prevention of Money Laundry are pending trial in the Mumbai Courts from 2008 till 2022. So far, the trial in three cases has been concluded. Most of the cases are pending on the discharge applications filed by the accused and framing of charges. In a recent order, a special court in Mumbai designated under the Prevention of Money Laundering Act (PMLA) said that the Enforcement Directorate (ED) has not shown an ‘active approach’ in beginning trials, pending for many years.  A special court had – in its recent order while granting bail to the accused in the Avantha Group realty case, including Yes Bank founder Rana Kapoor – noted that not a single case under PMLA has been disposed of by judgment. “It is a fact that, ever since this special Court for PMLA (Prevention of Money Laundering Act) cases has been established, not a single PMLA case has been disposed of by judgment. ED had not shown any ...