Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
PMLA - Highlights / Catch Notes

Home Highlights September 2024 Year 2024 This

The case pertains to the grant of regular bail to an Indian ...


Crypto Crime Proceeds Transfer: Court Grants Bail to Accused due to Lack of Prima Facie Evidence.

Case Laws     Money Laundering

September 20, 2024

The case pertains to the grant of regular bail to an Indian national accused of committing an offence under foreign law, which is a scheduled offence under the Prevention of Money Laundering Act (PMLA). The key points are: The Enforcement Directorate (ED) initiated proceedings based on a Mutual Legal Assistance (MLA) request from U.S. authorities, alleging that the accused stole cryptocurrencies and transferred the proceeds to India. The court examined the applicability of PMLA in cases where the predicate offence occurred outside India but the proceeds were transferred to India. The court held that for offences under the first category defined in Section 2(1)(ra)(i) of PMLA, where the predicate offence occurred outside India but the proceeds were transferred to India, the corresponding foreign law needs to be proved as a question of fact during the trial by examining experts. Judicial notice cannot be taken of the corresponding foreign law at this stage. The court found that the foundational facts, i.e., the alleged crime committed in the U.S. being a scheduled offence and the amount received by the accused being proceeds of crime, have not been established even prima facie. Therefore, the burden of proof u/s 45 of PMLA does not shift to the accused. The court observed that the delay in commencing the trial, the custody period exceeding.

View Source

 


 

You may also like:

  1. This summary pertains to a case involving the grant of regular bail in a money laundering case related to proceeds of crime from a scheduled offence of cheating and...

  2. The court granted regular bail to the accused in a money laundering case involving conspiracy and proceeds of crime. While acknowledging ample evidence linking the...

  3. Money laundering case involving proceeds of crime, financial irregularities through paper sale transactions without actual business resulting in false inflation of...

  4. Money laundering case involving public funds looted through apps promising high returns. Petitioner argued trial court failed to consider evidence, violated natural...

  5. The court granted regular bail to the petitioner in a money laundering case involving proceeds of crime and non-compliance with subsidized coal regulations. The court...

  6. The court rejected the bail application u/s 45 of the PMLA, finding reasonable grounds to believe the applicant was involved in money laundering related to proceeds from...

  7. The petitioner sought regular bail in a money laundering case alleging that he had projected and concealed proceeds of crime related to a scheduled offense. The court...

  8. Bail granted in money laundering case involving disproportionate assets due to absence of chargesheet in predicate offence and satisfaction of twin test u/s 45 of PMLA....

  9. Seeking grant of Regular Bail - Money Laundering - proceeds of crime - predicate offence - subsidy fraud in IFFCO by opening Kisan International Trading - The Delhi High...

  10. Grant of bail - Money Laundering - illegal mining - The High Court found sufficient grounds under PMLA for the charges, as the proceeds of the crime were derived...

  11. The High Court denied bail to the accused, a public servant, in a money laundering case involving bribery for tender allotments. The accused's family members were also...

  12. Seeking grant of Regular bail - Money Laundering - the Delhi High Court granted bail to an applicant involved in a PMLA case, taking into consideration his role as a...

  13. Grant of Regular Bail - Grant of bail to the Respondent No.2/Accused only on the basis of parity shows that the impugned order passed by the High Court suffers from the...

  14. The High Court considered a bail application in a money laundering case involving illegal gratification for leasing Waqf properties. It assessed the evidentiary value of...

  15. In the absence of a scheduled offence/predicate offence, proceedings under the PMLA cannot be sustained. An accused assisting in concealment or use of proceeds of crime...

 

Quick Updates:Latest Updates