Lawstreet Journal

Ex-IAS Couple Money Laundering Case: Madhya Pradesh High Court orders Status Quo on ED's Order Attaching two Disputed Properties

Lawstreet Journal 29 Mar 2022 12:22am

Image courtesy: Lawstreet Journal Judiciary Ex-IAS Couple Money Laundering Case:  Madhya Pradesh High Court orders Status Quo on ED's Order Attaching two Disputed Properties

Case Title: M/S Faith Cricket Club v. Directorate Of Enforcement 

The Madhya Pradesh High Court, Jabalpur, has ordered status quo on an attachment order issued by the Enforcement Directorate for attachment of properties, purported "proceeds of crime" in a money laundering case registered against ex-IAS couple late Arvind Joshi and Tinu Joshi in 2010.

The whole controversy is related to the criminal investigation conducted by ED against the Joshis (IAS Couple of 79 batch of MP Cadre) under Section 13(1)(e) & 13(2) of the Prevention of Corruption Act, 1988 and Section 109 r/w Section 120B IPC, for possession of movable/ immovable assets disproportionate to their known sources of income. The FIR against them involved scheduled offences in terms of Section 2(1)(y) of PMLA.

The 'proceeds of crime' worked up to Rs. 41 Crore (approx.) which is 3151.32% more than their known sources of income. The couple was sacked in 2014. ED had started its probe into the couple's assets in December 2021.

The present proceedings were instituted by a firm namely M/s Faith Cricket Club, which claimed to have entered into a partnership agreement with the Joshi couple's parents. Based on this agreement, M/s Faith Cricket Club was set up to carry out sports-related activities such as cricket, outdoor & indoor stadiums, coaching centres, etc. Further, it is claimed that the senior Joshis brought in two immovable properties to the firm's assets, as part of their capital contributions.

Thereafter, it is claimed that in the year 2021, the senior Joshis retired from the partnership business… Continue Reading...

Tagged: Madhya Pradesh High Court  
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