Overview
- Justices Anil Kshetarpal and Harish Vaidyanathan Shankar set aside a January 2023 single-judge order and allowed the Enforcement Directorate’s appeal.
- The court held that appreciation or profits from bribe-derived or fraud-based investments remain tainted as proceeds of crime under Section 2(1)(u) of the PMLA.
- The provisional attachment of about ₹122.74 crore against Prakash Industries and its group company stands as a temporary measure pending adjudication.
- The bench linked alleged misrepresentation over the Fatehpur coal block to a share price rise from ₹31 to ₹254.60 and undue gains of roughly ₹118.75 crore from preferential share sales.
- The judgment stressed PMLA’s multi-tier process and found writ interference at the provisional stage improper, reiterating money laundering as a continuing offence.