New Delhi: The Delhi High Court on Friday directed Enforcement Directorate To participate in a representation by Chinese smartphone maker Vivo seeking permission to settle its frozen bank accounts to pay for certain liabilities.
Justice Yashwant Verma also sought the stand of the investigating agency Vivo’s petition Against freezing of his bank accounts in respect of money laundering investigations initiated by it.
“Mr. zoheb hussainLearned counsel appearing for the Enforcement Directorate is requested to obtain directions regarding relief as prayed in the writ petition,” the court directed to list the matter for further consideration on July 13.
“Meanwhile and taking into account the financial constraints that have been expressed in the writ petition and also laid down in the representation dated 7th July, 2022, the Court directs the respondent to make such representation in light of the power of the former Participate. Permission to deal with the confiscated property as envisaged (in the PMLA Act),” the court ordered.
Senior advocates Siddharth Luthra and Siddharth Agarwal, appearing for Vivo, submitted that freezing of bank accounts has stalled the functioning of the petitioner and crores of rupees are to be paid as statutory dues. Pay your employees.
Advocate Zoheb Hussain, representing the ED, informed the court that the search operation would conclude during the day and the present petition was premature.
The petitioner should await the conclusion of the statutory procedures, he said.
A bench of Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad had allowed Vivo’s plea to be listed forthwith.
On July 5, the investigating agency conducted raids at several places across the country in a money laundering probe against Vivo and related firms. searched under Prevention of Money Laundering Act (PMLA) in many states including Delhi, Uttar Pradesh, Meghalayaand Maharashtra.
Vivo in its petition has sought quashing of the ED’s order to freeze its bank accounts.
“Due to non-availability of funds in the bank accounts with the petitioner, the petitioner would be unable to pay his statutory dues (such as customs duty, GST, TDS, etc.) as well as other expenses (such as salary) to various authorities, rent, etc.) due to which its business has now led to a commercial and civil death,” the petition said.
The ED has registered a money laundering case against the distributor of a Jammu and Kashmir-based agency after taking cognizance of a recent FIR of the Economic Offenses Wing of Delhi Police, where it was alleged that some Chinese shareholders of that company had tampered with their identities. The documents were forged.
The ED suspects that this alleged forgery was done by using shell or paper companies to launder illegally generated funds and divert some of these “proceeds of crime” to remain under the radar of Indian tax and enforcement agencies. it was done.
Justice Yashwant Verma also sought the stand of the investigating agency Vivo’s petition Against freezing of his bank accounts in respect of money laundering investigations initiated by it.
“Mr. zoheb hussainLearned counsel appearing for the Enforcement Directorate is requested to obtain directions regarding relief as prayed in the writ petition,” the court directed to list the matter for further consideration on July 13.
“Meanwhile and taking into account the financial constraints that have been expressed in the writ petition and also laid down in the representation dated 7th July, 2022, the Court directs the respondent to make such representation in light of the power of the former Participate. Permission to deal with the confiscated property as envisaged (in the PMLA Act),” the court ordered.
Senior advocates Siddharth Luthra and Siddharth Agarwal, appearing for Vivo, submitted that freezing of bank accounts has stalled the functioning of the petitioner and crores of rupees are to be paid as statutory dues. Pay your employees.
Advocate Zoheb Hussain, representing the ED, informed the court that the search operation would conclude during the day and the present petition was premature.
The petitioner should await the conclusion of the statutory procedures, he said.
A bench of Chief Justice Satish Chandra Sharma and Justice Subramaniam Prasad had allowed Vivo’s plea to be listed forthwith.
On July 5, the investigating agency conducted raids at several places across the country in a money laundering probe against Vivo and related firms. searched under Prevention of Money Laundering Act (PMLA) in many states including Delhi, Uttar Pradesh, Meghalayaand Maharashtra.
Vivo in its petition has sought quashing of the ED’s order to freeze its bank accounts.
“Due to non-availability of funds in the bank accounts with the petitioner, the petitioner would be unable to pay his statutory dues (such as customs duty, GST, TDS, etc.) as well as other expenses (such as salary) to various authorities, rent, etc.) due to which its business has now led to a commercial and civil death,” the petition said.
The ED has registered a money laundering case against the distributor of a Jammu and Kashmir-based agency after taking cognizance of a recent FIR of the Economic Offenses Wing of Delhi Police, where it was alleged that some Chinese shareholders of that company had tampered with their identities. The documents were forged.
The ED suspects that this alleged forgery was done by using shell or paper companies to launder illegally generated funds and divert some of these “proceeds of crime” to remain under the radar of Indian tax and enforcement agencies. it was done.