UNION OF INDIA Vs. NEW LINE FINANCE LIMITED

JUDGEMENT

(1.) This Criminal Appeal is preferred by the Enforcement Directorate/complainant on being aggrieved by the order of acquittal passed by the Additional Chief Metropolitan Magistrate (Economic Offences Court-I), Egmore, in E.O.C.C No.447/2002, dtd. 09/03/2010, holding that the complainant failed to prove the charges against the accused beyond doubt.

(2.) The Brief facts: M/s.New Line Finance Limited is an authorised Full-Fledged Money Changer (hereinafter referred as 'FFMC'), holding license issued by The Reserve Bank of India (hereinafter referred as 'RBI'), to deal with Foreign Exchange. It had its offices at Chennai and Trichy. At the relevant point of time, Thiru.A.Muthusamy was the Managing Director and Thiru.P.V.Krishnamani was its Vice President of the said FFMC. Tmt.Rita Rajamani was the Manager, administering the affairs of M/s.New Line Finance Limited at it's Trichy Office.

(3.) Based on specific information that at the Trichy office of M/s.New Line Finance Limited, foreign exchange sold unauthorisedly, the Officials of Enforcement Directorate conducted search of the company premises at Trichy on 09/04/2006. The Enforcement Directorate Officials seized a file containing applications made for release of foreign currency/cheque under 'Basic Travel Quota' (BTQ) by the travellers (12 in numbers) who were proposed to travel abroad. As follow up, the Chennai office of M/s.New Line Finance Ltd was also searched.