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2023 (8) TMI 477 - SCH - Money LaunderingMoney Laundering - schedule offence - proceeds of crime - non-existent or non-functional or fake functional MSMEs - HELD THAT - Issue notice returnable in the month of September 2023. It is stated that there were two First Information Reports (FIRs) pursuant to which proceedings under the Prevention of Money Laundering Act, 2002 (PMLA) were initiated. Therefore, the High Court has erred in quashing the proceedings under the PMLA, as the second FIR with regard to the predicated offence has not resulted in acquittal etc.
The Supreme Court in 2023 (8) TMI 477 - SC Order, with Hon'ble Mr. Justice Sanjiv Khanna and Hon'ble Ms. Justice Bela M. Trivedi, heard a case where delay was condoned. Notice was issued for September 2023. The Court found error in quashing proceedings under the Prevention of Money Laundering Act, 2002, as the second FIR did not result in acquittal.
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