PMLA
BREAKING| Maharashtra Minister Nawab Malik Approaches Bombay High Court To Declare ED Arrest Illegal; Terms It 'Political Vendetta'
Nationalist Congress Party (NCP) leader and Maharashtra Cabinet Minister Nawab Malik has approached the Bombay High Court to quash the money laundering ECIR (FIR) registered against him as also the Special court's order remanding him in the Enforcement Directorate's custody till March 3, 2021. The State Minority Development Minister alleged "illegal arrest," for being a "vocal critique of the misuse of Central agencies since actor Rhea Chakraborty's arrest." "The Petitioner states that...
Acquittal In Predicate Offence Won't By Itself End PMLA Proceedings : Solicitor General Tells Supreme Court
Responding to a batch of petitions challenging the procedures under the Prevention of Money Laundering Act, Solicitor General of India Tushar Mehta on Thursday told the Supreme Court that "the impression which is created that at the drop of the hat, searches are conducted and attachments are made under the PMLA" is not correct."In the last 17 years, investigation was carried out in 4700 matters by using investigating tools available under the PMLA. This includes only 388 searches in 17...
Only 313 Arrests Under PMLA In 20 Years; Strict Safeguards Are There : Solicitor General Tells Supreme Court
Solicitor General of India Tushar Mehta on Wednesday urged that in view of the international conventions for tackling money laundering to which India is party, the consequent 'peer reviews' and the implications of non-compliance, the Supreme Court perhaps may not want to apply while deciding the validity of the PMLA the traditional standards which it employs in analysing the constitutionality of any other conventional statutes."There may be some leeway to the legislature if there is no violation...
PMLA| May Not Be Possible To Say That "Mere Use" Of Proceeds Of Crime Is Not Money Laundering: Supreme Court Indicates
The Supreme Court on Tuesday indicated that it may not be possible to say that "mere use" of proceeds of crime is not money laundering.Advocate Abhimanyu Bhandari, for one of the petitioners, had sought to differentiate between projecting of proceeds of crime as untainted money and "merely using" of proceeds of crime- "Section 3 of the PMLA Act should be read down to say that mere use or possession of tainted money does not amount to money-laundering. There has to be a projection of this money...
Low Conviction Rates In ED Cases Not A Ground To Decide Validity Of PMLA Provisions, Says Supreme Court During Hearing
The Supreme Court on Thursday remarked that the constitutional validity of the provisions of the PMLA Act cannot be judged on the basis of the performance of the Executive or the police or the inability to take the prosecution to its logical end or the low rate of conviction or the low rate of appeals against acquittal.On Wednesday, Senior Advocate Maneka Guruswamy, for one of the petitioners, had told the Court that of the 1700 raids conducted and 1569 specific investigations by the ED- with...
PMLA | Offence Of Money Laundering Layered, Includes Stages Preceding & Succeeding The Offence But Mere Suspicion Not Prima Facie Proof: Delhi HC
The Delhi High Court on Thursday held that the offence of money laundering under the Prevention of Money Laundering Act, 2002 is layered and multi-fold which includes the stages preceding and succeeding the offence.Justice Chandra Dhari Singh added that the PMLA is a special enactment to combat the menace of money laundering, keeping in view the illegal practices that have been surfacing with respect to transfer and use of tainted money and subsequent acquisition of properties by using the...
Only 9 Convictions In PMLA Cases Out Of 1700 Raids By ED Since 2011 : Menaka Guruswamy To Supreme Court
Senior Advocate Menaka Guruswamy, for one of the petitioners challenging the various provisions of the Prevention of Money Laundering Act, told the Supreme Court on Wednesday that of the 1700 raids conducted and 1569 specific investigations by the Enforcement Directorate(ED)- with rates increasing by 20% every year and then doubling and tripling- since 2011, only 9 convictions have been secured.A bench comprising Justice AM Khanwilkar, Justice Dinesh Maheshwari and Justice CT Ravikumar...
To Say That ED Has To Wait For FIR In Scheduled Offence Will Make PMLA Unworkable, Says Supreme Court During Hearing
The Supreme Court on Wednesday remarked that while the existence of the predicate offence is a prerequisite for the commencement of the investigation by the ED under the PMLA, saying that the ED has to wait for the registration of the FIR in respect of the scheduled offence would make the system "unworkable" and be "counter-productive" to the intent of the PMLA.The Court cited practical situations where on account of the "influence" wielded by the accused over the local police, or the refusal by...
PMLA Court Grants Bail To Yes Bank Founder Rana Kapoor, Bindu Kapoor And Gautam Thapar
A special court in Mumbai has granted bail to nine accused including Yes Bank founder Rana Kapoor, his wife Bindu and businessman Gautam Thapar in a case related to property sale in Delhi. Kapoor and Thapar, however, won't walk out of the prison yet, as they are in custody in another case.Special judge MG Deshpande, under the Prevention of Money Laundering Act (PMLA), granted bail to them for Rs 5 lakh and surety for the like amount and set conditions like not to leave the country and to attend...
PMLA Provides Highest Benchmark For Arrest; Money Laundering Grave Offence As Victim Is National Economy, Says Supreme Court
The Supreme Court on Tuesday orally remarked that the fact that the PMLA Act contemplates a maximum punishment of 7 year' imprisonment for the offence of money-laundering does not take away from its gravity, and that the offence may well be "graver" in the sense that it does not affect just one individual but the victim is the national economy.A bench comprising Justices AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar was hearing a batch of petitions challenging the constitutionality of...
PMLA's Original Intent Getting Lost With Ordinary Crimes Being Added As Scheduled Offences : Senior Lawyers Argue In SC
The Supreme Court on Thursday continued hearing batch of petitions concerned with the interpretations of various provisions of Prevention of Money Laundering Act, 2002 ("PMLA Act")The matter was listed before the bench of Justices AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar.Submission Of CounselsVacuum In Special Legislation Is To Be Filled By CrPC: Senior Advocate Vikram ChaudhariFocusing on filling the vacuum in any special legislation by CrPC, Senior Advocate Vikram Chaudhari submitted...
Supreme Court Permits Unitech Promoters Sanjay And Ajay Chandra To Have One Video Conferencing Meeting Every Fortnight With Their Lawyers
The Supreme Court on Thursday permitted Unitech promoters Sanjay and Ajay Chandra to have one video conferencing meeting every fortnight with their lawyers for a duration of one hour, with the added caveat that they shall furnish to the superintendent of the jail in advance the identity of the advocate or, as of the case maybe, the advocates, with whom the meeting will be held together with proof of bar council enrollment.As regards meetings with the family members, the Court directed that the...