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Issues: Whether the proceedings under the Prevention of Money-laundering Act could survive after the scheduled offence under the Companies Act had been quashed, and whether the existence of proceeds of crime linked to a scheduled offence was a prerequisite for continuation of the money-laundering case.
Analysis: The petition turned on the statutory scheme of the Prevention of Money-laundering Act, under which the offence of money-laundering is anchored to a scheduled offence and to property that qualifies as proceeds of crime. The Court held that the definition of proceeds of crime requires a direct or indirect nexus with criminal activity relating to a scheduled offence, and that Section 3 is dependent on such proceeds. Relying on the controlling exposition of law, the Court noted that once the person concerned is finally absolved of the scheduled offence by discharge, acquittal, or quashing, the foundation for prosecution under the money-laundering statute disappears. The earlier quashing of the complaint under Section 447 of the Companies Act was treated as a substantive determination that the predicate prosecution was not legally sustainable, and not as a merely technical disposal.
Conclusion: The money-laundering proceedings were held not maintainable against the petitioner and were quashed.
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