Money laundering case involving proceeds of crime from scheduled ...

Depositors' Crores Siphoned: No Laundering Without Scheduled Offence Conviction.

Case Laws Money Laundering

September 18, 2024

Money laundering case involving proceeds of crime from scheduled offence of conspiracy to siphon crores of rupees deposited by innocent bank depositors. Key points: Offence u/s 3 of PMLA requires illegal gain of property from a scheduled offence, which is a prerequisite for prosecution. Prosecution cannot be initiated on notional basis or assumption of scheduled offence without it being registered with police or pending inquiry/trial. If accused is discharged/acquitted of scheduled offence or case quashed, no money laundering offence can be made out. Subsequent FIR cannot be subsumed into existing ECIR without satisfying requirements. ECIR based on scheduled offence of cheating under IPC. Well-settled that money laundering offence depends on illegal property from scheduled offence. Prosecution not permissible on assumption alone. Petitions seeking relief dismissed as grievances undeserving.

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Money laundering case involving proceeds of crime from scheduled ...

Depositors' Crores Siphoned: No Laundering Without Scheduled Offence Conviction.

Case Laws Money Laundering

September 18, 2024

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