APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI MP-PMLA-3788/KOL/2024 (Direction)

MP-PMLA-131/KOL/2024 (Exemp.)

FPA-PMLA-55/KOL/2024 The Director, M/s Gulf Forex &

Travels Pvt. Ltd. … Appellant Versus The Deputy Director Directorate of Enforcement, Kolkata … Respondent Advocates/Authorized Representatives who appeared For the Appellant : Counsel appeared For the Respondent : Mr. Himanshu Jain, Advocate CORAM JUSTICE MUNISHWAR NATH BHANDARI : CHAIRMAN SHRI V. ANANDARAJAN : MEMBER

FINAL ORDER

13.01.2025 FPA-PMLA-55/KOL/2024 By this appeal, a challenge has been made to the order dated 22.08.2023 passed by the Adjudicating Authority confirming the retention of several bank accounts and so far as the appellant is concerned, his eight bank accounts have been freezed.

2. It is a case where on a complaint of Shri Rahul Ranjan, Regional Manager, Canara Bank, an FIR was registered on 14.10.2022 by Hare Street Police Station for the offence under Section 120-B,420, 467, 468, 471 IPC against Aman Thakur of T.M. Traders, Kaushal Kumar Sah of K.K. Traders, Rakesh Kumar Singh of M.R. Traders, Pankaj Kumar Tiwary of P.K. Traders and Rahul Kumar Akela of R.K. Trading & Others. Huge transactions had been noticed in the accounts of M/s T.M. Traders and M/s K.K. Traders. The bank accounts for it were opened on 31.08.2022 and initially small transactions were made followed by huge debit transactions on 17.09.2022 which generated an alert by the bank OTM Cell, Bangalore. In view of huge debit credit entries within the span of less than a month, the matter was taken up to find out the credibility of transactions and to verify registered address of the entities as per bank records. On verification, it was noticed that entities were not carrying out their business at their given address furnished in the account opening form and also no such parties were residing at their permanent residential address. Entire credits were effected through UPI, NEFT, RTGS transactions and thereafter transferred to those multiple accounts by the customer through internet banking channel. M/s National Payment Corporation also made alert to the bank on 30.09.2022 with respect to unauthorized entities using account of Canara Bank for forex funding purposes prohibited by RBI.

3. After registration of the FIR, ECIR was recorded. During the investigation, it was revealed that in the accounts of M/s T.M. Traders and M/s K.K. Traders with Canara Bank, transactions to the tune of Rs.48.13 Crores and Rs.2.91 Crores were made and thereafter it was transferred to the accounts of four entities maintained with the PNB. The account details of dummy firms and companies/entities controlled and operated by Prasenjit Das and Tushar Patel were collected. The statements of accused Prasenjit Das and Shailesh Kumar Pandey were recorded under Section 50 of the Prevention of Money Laundering Act, 2002 (in short `the Act of 2002‟).

4. The allegation against the appellant is for receipt of the proceeds of crime through Vaibhav Gems and accordingly the bank accounts of the appellant have been freezed.

5. The learned counsel submitted that the appellant is engaged in the business of money changer, broker, dealer, agent, buyer, seller and money transfer service provider of all foreign currency/exchange. The appellant was carrying out its activities under proper record and for that the invoices apart from remission/collection of GST and all other record were properly maintained.

6. Their bank accounts have been frozen despite the fact that the appellant has not been named as an accused and it has not received any amount from T.M. Traders, K.K. Traders, M.R. Traders and P.K. Traders and if those firms were not carrying out any business activity, the appellant having no nexus with them could not have been subjected to the search and seizures resulting in freezing of eight bank accounts.

7. The accused Prasenjit Das in his statement purportedly stated that he paid money to many persons and in lieu thereupon used t