PMLA Tribunal upheld freezing of bank accounts and FDR linked to the Manesar land scam, ruling that lien or bank guarantee in favour of a government authority does not prevent attachment under PMLA.
The tribunal clarified that limited education or lack of familiarity with foreign exchange rules cannot justify violations of FEMA. Nevertheless, it reduced the penalty considering the circumstances surrounding the incident.
PMLA Tribunal held ₹50 lakh seized in a CBI trap is proceeds of crime and can be attached under PMLA even if the cash is already in court custody pending the criminal trial.
The tribunal ruled that the amount of penalty under Section 13(1) of FEMA is discretionary and depends on facts and circumstances of each case. As the adjudicating authority had already imposed significant penalties after evaluating the evidence, no grounds existed for enhancement.
PMLA Tribunal upheld attachment of wife’s property linked to fraud proceeds, ruling assets can be attached even if the owner is not accused in the scheduled offence.
The Tribunal quashed the attachment after verification showed only four items matched the alleged seller and no material established benami holding. The provisional attachment under PBPTA was held unsustainable.
SAFEMA Delhi held that non-tribal individual used tribal employee to Benami purchase land. Thus, the sale is violative of section 165(6) of the Chhattisgarh Land Revenue Code is absolutely barred under the law. Accordingly, appeal dismissed.
It was ruled that claims arising before insolvency commencement cannot be enforced if not part of the approved Resolution Plan. The penalty imposed by the Enforcement Directorate was quashed.
The Tribunal held that export values were reduced to account for overseas commission payments, violating Section 7 of FEMA. However, penalties were substantially reduced considering the facts and partial relief was granted.
The Tribunal sustained attachment of Rs. 1 crore under the Benami law but remanded the case for further investigation, citing insufficient proof to prosecute.
