The Prevention of Money Laundering Act allows for independent proceedings regardless of the status of the scheduled offence, provided there is prima facie evidence of money laundering.

ORDER :

Being unsuccessful before the trial Court to get discharge from the PMLA case, the petitioners herein who are also accused in the scheduled offence registered by CBI, BSFC, Bangalore, are before this Court for the relief through this criminal revision.

2. The Central Bureau of Investigation, Banks Securities & Fraud Cell (BS & FC), Bangalore had registered a case vide FIR No.20 dated 16.10.2018 under Section 120-B, 406, 420, 468 & 471 of Indian Penal Code on the basis of complaint bearing No.DGM/Zonal Manager dt., 16.10.2018 filed by Shri V.Saminathan, Deputy General Manager, Indian Bank, Trichy Zone, Trichy for Criminal Conspiracy, Criminal Beach of Trust, Cheating, Forgery for the purpsoe of cheating and using forged documents as genuine by M/s.Cethat Ltd., Regd office at Thuraiyur main road, Peramangalam Village, Pulivalam, Trichy 621 006 and its Chairman Shri K.Subburaj R/o.15 Cethar Garden, K.K.Nagar, Tiruchirapalli 620-021 and Shri N.K.Pothiraj, Managing Director of M/s.Cethar Ltd R/o.30-31, Cethar Gardens, K.K.Nagar Tiruchirapalli 620-021 and unknown persons during the period 2005 to 2018.

3. In the said FIR it is stated that M/s.Cethar Ltd., and its Directors (Petitioners-herein) and unknown persons, systematically committed criminal breach of trust, cheating, using forged documents as genuine and thereby induced the Indian Bank and other member of consortium of the Banks (ICICI Bank, Canara Bank, Andhra Bank, IDBI Bank, State Bank of India, Lakshmi Vilas Bank and Federal Bank), to grant various credit facilities, by suppressing various relevant facts from the knowledge of the banks, availed the credit facilities and subsequently misappropriated the funds thereby causing loss to the extent of Rs. 1344.96 crores to the consortium of the banks.

4. After registration of FIR by CBI for the offences under Sections 406, 420, 468 and 471 IPC, the enforcement Directorate collected inforamation and being satisfied, proceed under PMLA, registered ECIR No.4/CE ZO-11/2019 on 07.08.1969 and had filed complaint against the company M/s.Cethar Limited and 7 others and the Special Court had taken cognizence in C.C.No.11 of 2022 is posted for framing charges.

5. It is pertinent to note that in the scheduled offence CBI which is the investigating Agency not yet filed the final reprot. Further also to be noted that the petition filed by these petitioners to quash the prosecution was dismissed by this Court in Crl.O.P(MD)No.3086 of 2023 on 10.08.2023. Their discharge petitions before the trial Court dismissed on 10.01.2025. Challenging the dismissalof the quash petition, the Criminal Revision Petition is filed.

6. The contention of the petitioners that they are only name lenders and not the active directors or administrators of the company, was negatived by the trial Court. That apart, the plea of the petitioners that their names are not in the FIR registered by CBI in the scheduled offence, therefore, they cannot be ropped in a PMLA case was also did not find acceptable to the trial Court.

7. The trial Court, while dismissing the discharge petition has observed that the complaint and the documents relied by the ED reveals the proceeds of crime generated in the scheduled offence been laundered with the aid and assistance of these petitioners. The material regarding the act of converting tainted money into untainted money to be adjudicated only during the course of the trial.

8. Being aggrieved by the dismissal of the discharge petition, the petitioners are before this Court invoking the revisional jurisdiction of this Court.

9. The learned counsel appearing for the revision petitioners sbumitted that the complaint of the Zonal Manager Indian Bank, Trichy, to the CBI Banks Securities and Fraud Cell, Bangalore, was only against M/s.Cethar Limited and its Chairman and the Managing Director, for the alleged criminal conspiracy, criminal breach of trust, cheating, forgery and using forged document as geninune. The said Company had undergone liqu