AMIT AGGARWAL Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) This is an application for grant of regular bail filed on behalf of applicant in case FIR No. 45/2022 under Ss. 3 and 4 of the Prevention of Money Laundering Act ["PMLA"], registered at Police Station EOW.

(2.) The case arises from FIR No. 45/2022 dtd. 16/3/2022 registered by the Economic Offences Wing, Delhi, based on a complaint by Chartered Accountant Mr. Vikash Mohpal that forged Form 15CB certificates bearing his credentials were being used to facilitate foreign remittances through banks, mainly ICICI Bank. These certificates were falsely shown as supporting outward remittances for freight, logistics, and import payments. Since the offences under Ss. 420, 467, 468, 471, and 120-B of the Indian Penal Code ["IPC"] are scheduled offences under the PMLA, the Directorate of Enforcement ["ED"] registered an ECIR vide ECIR/DLZO-II/24/202 on 28/3/2022.

(3.) Investigation by the respondent agency revealed that several Indian entities fraudulently remitted approximately Rs.696.69 crore to overseas entities in Singapore and Hong Kong. The remittances were based on forged Form 15CB and Form 15CA certificates and were falsely declared as legitimate business payments. These Indian entities had no genuine business operations and existed only on paper. Their directors and proprietors were fictitious or untraceable, and the incorporation and KYC documents were found to be forged.