AJANTA MERCHANTS PVT. LTD. Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) BY way of the present petition under Section 482 of the Code of Criminal Procedure 1973 (hereinafter referred to as 'Cr.P.C.') the petitioner seeks quashing of the proceedings in ECIR No. 03/DZ/2011/AD(SC) /SDS dated 24.02.2011 under Sections 3 and 4 of the Prevention of Money Laundering Act, 2002 (hereinafter referred to as 'PMLA') and the proceedings emanating therefrom.

(2.) IT is the case of the prosecution that the CBI/Dehradun branch received an information that five employees of Punjab National Bank (hereinafter referred to as 'PNB') and other persons had during the period from November 2005 to December 2006 entered into a criminal conspiracy and made false entries in the accounts of PNB, Vidhan Sabha Branch, Dehradun allowing deposits and withdrawal from five fictitious accounts maintained in the name of non -existent persons at PNB, Arya Vanprastha Ashram Branch, Jwalapur, Haridwar. By doing so, said persons misappropriated the funds of PNB and also caused a pecuniary gain to themselves, other persons and correspondingly a pecuniary loss to the PNB. In the said information it was stated that the said persons had obtained an illegal pecuniary gain of Rs. 10,88,987/ - (Rupees Ten lakhs eighty eight thousand nine eighty seven) which was the interest accrued on the principal amount of Rs. 3,30,82,105/ - (Rupees Three crore thirty lakhs eighty two thousand one hundred and five) deposited in these accounts and subsequently withdrawn.

(3.) ON the basis of the aforesaid, a criminal case was registered by the respondent Enforcement Directorate bearing ECIR No. 03/DZ/2011/ AD(SC) /SDS dated 24.02.2011 against the aforementioned five persons and other unknown persons for committing an offence under Section 3 of PMLA punishable under Section 4 of the said Act. On the basis of the said facts, the respondent concluded that as they cheated the PNB by manipulating the records of the bank by abusing their official position for their personal gain, it is therefore essential to conduct investigation under the provisions of PMLA since the amount involved is more than Rs. 30 lakhs which is the threshold limit of Part B of PMLA -2002.