2024 (2) TMI 1023 - SCH - Money Laundering

Money Laundering - fraud in sale and purchase of land belonging to two Housing Co-operative Societies - presumption that proceeds of crime used in money transaction - shame and bogus sale deed - it was held by High Court that Under Section 22 of the PML Act, there is a presumption as to the record or property in certain cases, according to which where any record or property is found in the possession or control of any person in the course of a survey or a search, such record or property shall be presumed to be belonging to such person. There is a presumption in inter-connected transaction also Section 24 castes a burden on a person charges with the offence of money laundering under Section 3, unless the contrary is proved, the presumption that such proceeds of crime are involved in the money transaction. HELD THAT - There are no reason to interfere with the impugned order - SLP dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition, finding no reason to interfere with the impugned order. The observations in the order will not affect any subsequent proceedings. Pending applications were disposed of.