Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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Money-laundering proceedings require the existence of proceeds of crime derived from criminal activity relating to a scheduled offence. The notes state that, where allegations against persons arise solely from transactions with an entity that has been finally discharged on the basis that the relevant funds were not proceeds of crime, proceedings against those persons cannot continue. Applying the principle in Vijay Madanlal Choudhary, the HC reportedly quashed the criminal process and rejected-discharge order against the petitioners because the underlying transaction no longer involved proceeds of crime.
Money-laundering proceedings require the existence of proceeds of crime derived from criminal activity relating to a scheduled offence. The notes state that, where allegations against persons arise solely from transactions with an entity that has been finally discharged on the basis that the relevant funds were not proceeds of crime, proceedings against those persons cannot continue. Applying the principle in Vijay Madanlal Choudhary, the HC reportedly quashed the criminal process and rejected-discharge order against the petitioners because the underlying transaction no longer involved proceeds of crime.
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