The Appellate Tribunal under SAFEMA, New Delhi, has dismissed an appeal filed by Ramesh Kumar Bung, former chairman of AP Mahesh Cooperative Urban Bank, challenging the retention of currency and documents seized from his possession by the Enforcement Directorate (ED).
In its final order, the Tribunal upheld the Adjudicating Authority’s January 6, 2025 order permitting retention of the seized currency and documents under the Prevention of Money Laundering Act (PMLA).
The Tribunal, chaired by Justice Munishwar Nath Bhandari, rejected Bung’s reliance on a 2025 Delhi High Court judgment in the Rajesh Kumar Agarwal case.
It held that the Delhi High Court’s interpretation was contrary to the Supreme Court’s ruling in Vijay Madanlal Choudhary and the statutory scheme of the PMLA.
The Tribunal held that Section 17(4) requires an application to the Adjudicating Authority within 30 days for retention of seized or frozen property. It ultimately dismissed Bung’s appeal without interfering with the impugned retention order, while leaving the allegations against him open for criminal proceedings.
