Case Law Details
Anil Kumar Aggarwal Vs Enforcement Directorate th. its Assistant Director (Jammu & Kashmir High Court)
Jammu & Kashmir HC held that that it was not open to the respondent-Enforcement Directorate to proceed against the petitioner in respect of offences under PMLA once the FIR in respect of the predicate offences had been stayed by the High Court.
Facts- The State Bank of India, the Consortium Leader of the Banks from which M/s Bharat Paper Limited (BPL), of which the petitioner was one of the directors, had obtained loan, filed a complaint before the Central Bureau of Investigation(CBI) against the BPL and its four directors including the petitioner herein. On the basis of this complaint, the Anti Corruption Bureau(ACB) CBI, Jammu registered an FIR u/s. 5(1)(d) r.w.s 5(2) of the J& K Prevention of Corruption Act, 2006 and Sections 120-B, 409 and 420 of J& K RPC.
It was alleged in the FIR that the accused persons have perpetrated bank loan fraud for an amount running into approximately Rs. 200 crores with the Consortium of Banks with lead bank as State Bank of India, the other banks being J& K Bank, Punjab National Bank and Karur Vyasya Bank.
On 31.03.2023, an ECIR was registered by the respondent and investigation in respect of offences under Prevention of Money Laundering Act was set into motion. The registration of ECIR regarding offences under PMLA is based upon the scheduled offences that are subject matter of aforesaid FIR registered with ACB Jammu.
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