Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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The High Court dismissed the criminal revision petition filed by the petitioners challenging the order rejecting their discharge petition in a money laundering case. The court held that there were prima facie materials showing illicit mining and generation of proceeds of crime valued at Rs. 261.89 crores. It observed that u/s 3 of the Prevention of Money Laundering Act, concealment of the proceeds of crime itself constitutes the offence of money laundering. The prosecution need not demonstrate the money trail or identify the proceeds of crime if they have been concealed. The court invoked the presumption u/s 24(b) of the Act against the petitioners, considering the quantum of money involved and the nature of allegations. The petitioners have to rebut the presumption during the trial. The High Court found no grounds to interfere with the well-reasoned order of the lower court rejecting the discharge petition.
The High Court dismissed the criminal revision petition filed by the petitioners challenging the order rejecting their discharge petition in a money laundering case. The court held that there were prima facie materials showing illicit mining and generation of proceeds of crime valued at Rs. 261.89 crores. It observed that u/s 3 of the Prevention of Money Laundering Act, concealment of the proceeds of crime itself constitutes the offence of money laundering. The prosecution need not demonstrate the money trail or identify the proceeds of crime if they have been concealed. The court invoked the presumption u/s 24(b) of the Act against the petitioners, considering the quantum of money involved and the nature of allegations. The petitioners have to rebut the presumption during the trial. The High Court found no grounds to interfere with the well-reasoned order of the lower court rejecting the discharge petition.
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