Veena Kumar Srivastava Vs Deputy Director (Appellate Tribunal Under Safema At New Delhi)
Property Attachment Upheld Under PMLA Despite Non-Accused Status; Supreme Court Principles Applied: PMLA Covers Sham Transactions to Evade Law; Tribunal Dismisses Appeals Over Family Property Amid Money Laundering Investigation; Geodesic Money Laundering Case – Tribunal Upholds ED’s Attachment of Srivastava Family’s Powai Flats
The Appellate Tribunal under SAFEMA, New Delhi, vide Final Order dt. 14.10.2025, dismissed three connected appeals [FPA-PMLA-1659 to 1661/MUM/2017] filed by Mrs. Veena Kumar Srivastava, Mr. Pankaj Kumar Srivastava & Mrs. Vidhi Kumar against the Enforcement Directorate, Mumbai. The appeals challenged the Adjudicating Authority’s order dt. 26.12.2016 confirming Provisional Attachment Order No. 12/2016 (12.07.2016) relating to Flats 903-A & 903-B, Lake Castle CHS Ltd., Hiranandani Gardens, Powai, Mumbai valued at about ₹3.86 crore.
The case stemmed from FIR No. 760/2015 (later CR No. 88/2015) by EOW Mumbai against the directors of M/s Geodesic Ltd. – Prashant Mulekar, Kiran Kulkarni & Pankaj Kumar Srivastava – & their tax consultant Dinesh Jajodia, for criminal conspiracy & siphoning of ₹250 crore through bogus software purchases & failure to redeem US$ 125 million FCCBs. ED’s investigation revealed routing of FCCB funds through overseas shell entities (Yvette Investments, Lasdun Ventures SA, Sharp Long Consultant etc.) to divert shareholders’ money. The total “proceeds of crime” were quantified at ₹743 crore (₹493 crore FCCB ₹250 crore bogus purchases)
