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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the offences under Sections 419, 420, 467, 468, 471 and 120B of the Indian Penal Code were scheduled offences for the purposes of the Prevention of Money Laundering Act, 2002, and whether proceedings under that Act could be sustained on that basis.
Analysis: The definition of "proceeds of crime" under Section 2(1)(u) and "scheduled offence" under Section 2(1)(y) of the Prevention of Money Laundering Act, 2002 shows that the offence of money-laundering is attracted when property derived from criminal activity relating to a scheduled offence is involved. The Court noted that by the 2009 amendment, the IPC offences in question were moved into Part A of the Schedule and Part B was omitted. On that basis, the alleged criminal activity continued to fall within the Schedule, and the objection that those offences were not scheduled at the relevant time was rejected.
Conclusion: The challenge failed. The Court held that the alleged predicate offences remained covered by the Schedule to the Prevention of Money Laundering Act, 2002, and the petitions for quashing were not maintainable on that ground.
Ratio Decidendi: Where the predicate offences stand included in the Schedule to the Prevention of Money Laundering Act, 2002 by statutory amendment, proceedings for money-laundering can be maintained if the alleged conduct involves proceeds derived from such scheduled offences.
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