Stealth Bridge Pvt. Ltd. Vs Deputy Director (Appellate Tribunal Under SAFEMA Delhi)
PMLA Tribunal Orders Release of Attached Bank Account on Deposit of Alleged Proceeds of Crime
The PMLA Appellate Tribunal directed the release of a provisionally attached bank account after the appellant company agreed to deposit ₹10 lakh, representing the alleged proceeds of crime, with the Directorate of Enforcement (ED). The amount is to be kept in a fixed deposit or dealt with in accordance with law and will remain subject to the final outcome of the criminal proceedings.
The appellant contended that ₹10 lakh had been credited to its account through two cheques by unknown persons. Upon noticing the credit, it immediately contacted the bank to ascertain the sender’s details and attempted to return the amount through RTGS. However, the destination account was found to be closed. The appellant maintained that it was not claiming any right over the amount and sought release of its attached bank account.
The ED opposed the plea, arguing that the appellant was aware of the source of the funds and could not claim innocence. Without expressing any final opinion on the rival contentions, the Tribunal noted the appellant’s willingness to deposit the entire disputed amount and held that such deposit would adequately protect the interests of the investigation.
Accordingly, the Tribunal ordered that upon deposit of ₹10 lakh within eight weeks, the provisionally attached bank account be released, while making it clear that the deposited amount would remain subject to the final adjudication of the case. The appeal was disposed of on these terms.
FULL TEXT OF THE JUDGMENT APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI
The counsel for the appellant, on instruction, submits that his client would deposit the entire amount of proceed of crime with the ED which may be kept either in FD or utilized by the ED as per the provisions of the law for which appellant would not question that.
