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TMI Blog2024 (11) TMI 996X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;PMLA'). 2. A complaint was filed under the PMLA based on the scheduled offence registered in Crime No.143 of 2016 for the alleged offences under Sections 420 and 406 IPC. Admittedly, the scheduled offence exists as far as the present petitioner / accused is concerned. After registering ECIR, the ED launched investigation which resulted in filing of a complaint under Section 45 of the PMLA. 3. Learned counsel for the petitioner would mainly contend that the properties allegedly said to be the 'proceeds a crime' by the respondents were purchased prior to the registration of scheduled offence. Few properties were purchased by availing bank loan. Therefore, the properties said to be 'proceeds of crime' would not fall und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e students and he collected money pursuant to the instructions given by the Chairman of SRM University and therefore he cannot be prosecuted either under IPC or under PMLA. It is contended that the monies collected from the parents were handed over to the Chairman, SRM University and those persons were not implicated as accused in the PMLA case. 7. In this regard, the learned Special Public Prosecutor would submit that summons / notices were issued to all those persons named by the petitioner and in certain cases, the said notices are challenged before the High Court and a final order has now been passed in respect of Mr.T.R.Paarivendhar in W.P.No.3863 of 2023 dated 02.09.2024. Therefore, the investigation against all those persons are in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of the proceeds of crime only if the proceeds of crime are situated outside India. This argument, in our opinion, is tenuous. For, the definition of "proceeds of crime" is wide enough to not only refer to the property derived or obtained as a result of criminal activity relating to a scheduled offence, but also of the value of any such property. If the property is taken or held outside the country, even in such a case, the property equivalent in value held within the country or abroad can be proceeded with. The definition of "property" as in Section 2(1)(v) is equally wide enough to encompass the value of the property of proceeds of crime. Such interpretation would further the legislative intent in recovery of the proceeds of crime and v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts' parents, who had paid him money started pressurizing him to give admission in Chennai Medical College, Trichy or else give back the money paid by them, that in such situation the SRM Management was not in a position to refund the received money and the pressure was mounted more, from the 40 parents, that he refunded the amount to 20 parents and organized MBBS seats in Satyasai Medical Collage Mahabalipuram for remaining 20 studente: that simultaneously, he started collecting money for the admission for MBBS in Trichy Medical College for the year 2015-2016 from 133 parents and the money so collected was totalling to the tune of Rs. 91 Crores approx); that the same amount entirely paid to Shri Parivendhar of SRM University on weekly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt from other movies; that his personal expenditure and his both families' expenditure come around Rs. 3.50 Lakhs per month; that his source of income is from movie distribution and production and Engineering admissions; that he is an Income Tax assessee and also a regular tax payer." 14. Identification of 'proceeds of crime' which was involved in money laundering has been set out in the complaint as under: "6. Investigations under the provisions of PMLA revealed se far and ascertained that Shri S. Madhan has generated the proceeds of crime from the scheduled offences and from the part of proceeds of crime, he has acquired and possessing the following immovable properties in his name and others, and projecting/claiming such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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