AT PMLA: REDUCES EXCESSIVE PENALTIES IN FEMA MATTER INVOLVING CRICKET BETTING
AT PMLA, in an appeal against the Adjudication Order passed by the Special Director in FEMA matter, substitutes the penalty of Rs. 26 lakh imposed on an individual (Appellant) by Rs. 10 lakh, also reduces the penalty of Rs. 98 lakh, to Rs. 50 lakh, considering the penalty amount being in excess compared to the contravention of the amount involved; Notes that a search was conducted by ED upon receiving specific information about the involvement of the Appellant in receiving and accepting bets on scores and outcome of cricket matches and other sporting events on behalf of their clients and bookies based locally, nationally and internationally; Highlighting that the Special Director has not recorded finding solely based on the statements of Appellant and a co-accused, but also based on the documents recovered from the premises, as also summons were sent to the author of the documents seized by the ED to seek his presence but despite ED’s repeated efforts, he did not appear, AT PMLA opines that, “Thus, it is not a case where the respondents failed to produce the relevant witness deliberately rather they made all the efforts for his production..”; Stating that the statements of the co-accused and the Appellant were recorded without any torture, threat or harassment otherwise the Appellant would have retracted from his statement immediately but there is nothing on record to show retraction without delay, AT PMLA asserts that delayed retraction cannot be accepted unless justified by the reasons which do not exist in this case, and the Department, thus, remains successful to show that the statements were recorded without inducement, pressure or by giving threat; Further, emphasizing that the case in hand is not such where the Respondent could not prove the case by adducing the evidence otherwise if this Appellate Tribunal enter into other facts and the evidence, it would be sufficient to show that substantial evidence was led by the Respondent to prove the case, AT PMLA concludes that, “The appellant has already deposited Rs. 50 lakhs towards the pre-deposit pursuant to the order of Bombay High Court though the Tribunal passed an order to deposit 60% of the amount to satisfy the condition of pre-deposit. In any case, to make the penalty amount proportionate to the contravention, we reduce it…”:PMLA Appellate Tribunal
The order was passed by Justice Munishwar Nath Bhandari (Chairman) and Mr. Balesh Kumar (Member).
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