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PRATHIBA M. SINGH
Prpl Enterprises Pvt. Ltd. (formerly Known As Piramal Realty Pvt. Ltd. ) – Appellant
Versus
Directorate of Enforcement – Respondent
JUDGMENT
Prathiba M. Singh, J.(Oral)
1. This hearing has been done through hybrid mode.
2. The present petition is connected with Writ Petition Civil 11473/2022 titled 'Omkar Realtors and Developers Private Limited v. Adjudicating Authority, Prevention of Money Laundering through its Registrar and Ors.' The Petitioner is aggrieved by the impugned Provisional Attachment Order dated 14th January, 2022 i.e., PAO No. 1/2022 by which one of the properties which was mortgaged with the Petitioner was attached/seized by the Directorate of Enforcement (ED) under Section 5 of the Prevention of Money Laundering Act (hereinafter 'PMLA'). The basis of the PAO is FIR No. 109/2020 dated 7th March, 2020 registered with City Chowk Police Station Aurangabad invoking Sections 420, 406 and 34 of the Indian Penal Code, 1860. The details of the properties attached in the impugned PAO are set out below:
6.2 Ms. Loveleen Behera, Vice President, Yes Bank Ltd., during her statement recorded on 01.09.2021 under the provisions of Section 50 of PMLA, has interalia stated that during the year 2015, the then saleable area of Omkar 1973 Project was mortgaged with Yes Bank Ltd. and M/s Piramal Realty Pvt. Ltd; tha
The discharge or acquittal of the accused in the scheduled offence has consequences on the money laundering proceedings under the Prevention of Money Laundering Act.
The Prevention of Money Laundering Act proceedings are independent of the predicate offence and must proceed without delay, reflecting the urgency in addressing economic crimes.
Prosecution under the Prevention of Money Laundering Act, 2002 is not sustainable without a registered scheduled offence, as established by the Supreme Court in Vijay Madanlal Choudhary.
The main legal point established in the judgment is that the PMLA is an independent sui generis Act, and the complainant is required to prove the case independently, without presuming the derivation ....
Proceedings under the Prevention of Money Laundering Act are independent and can be based on continuing laundering activities, regardless of the scheduled offence's date of commission.
The trial under the Prevention of Money Laundering Act is independent of any pending trial for the predicate offence, as affirmed by the court.
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