PRAKASH CHANDRA YADAV vs DIRECTORATE OF ENFORCEMENT

Judgment text excerpt

$~18 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 30.04.2026 + MISC. APPEAL(PMLA) 19/2024 PRAKASH CHANDRA YADAV .....Appellant Through: Mr. Pavan Narang, Senior Advocate with Mr. Manish Shukla, Mr. Nilash Tiwari, Ms. Aishwarya Chhabra and Mr. Himanshu Sethi, Advocates. versus DIRECTORATE OF ENFORCEMENT .....Respondent Through: Mr. Vivek Gurnani, Panel Counsel for ED with Mr. Kanishk Maurya, Advocate. CORAM: HON'BLE MR. JUSTICE NAVIN CHAWLA HON'BLE MR. JUSTICE RAVINDER DUDEJA NAVIN CHAWLA, J. (ORAL) 1. This appeal has been filed under Section 35 of the Foreign Exchange Management Act, 1999 [hereinafter, “FEMA”] read with Section 54 of the Foreign Exchange Regulation Act, 1973 [hereinafter, “FERA”], challenging the order dated 29.05.2024 passed by the learned Appellate Tribunal for Foreign Exchange under SAFEMA [“the Tribunal”] in Appeal No. FPA-FE-311/DLI/2005, titled as, “Shri Prakash Chandra Yadav vs. The Special Director, Directorate of Enforcement, Delhi”, inter alia dismissing the appeal filed by the appellant herein. Signature Not Verified Signed By:VAISHALIMISC. APPEAL(PMLA) 19/2024 Page 1 of 11 PRUTHI Signing Date:04.05.2026 10:54 2. The appellant had filed the above appeal before the learned Tribunal, challenging the order dated 30.11.2004, whereby the learned Adjudicating Authority had imposed a penalty of Rs. 5 Lakhs on the appellant for the alleged contravention of Section 8(1) of FERA. 3. The respondent had imposed the above penalty alleging that one Akbar Veerji, an NRI, had opened a Non-Resident External [“NRE”] account with the Canara Bank by depositing foreign exchange in the following manner:- i. 01.07.92 (cash) US $500/- equivalent to Rs.14,850/- ii. 04.07.92 (cash) US $10,000/- equivalent to Rs.2,95,000/- iii. 17.07.92 (F.I.T.T) US $1,3