Letter of Approval for IFSC units authorises SEZ facilities subject to statutory approvals, operational conditions, validity, renewal and cancellation...
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The principal issue was whether the accused was entitled to discharge or whether a prima facie case under Section 3 PMLA was made out warranting framing of charge. Applying the settled test that discharge is appropriate only if no sufficient ground exists to proceed and relying on the requirement that possession of proceeds must be supported by tangible, credible evidence, the court found the prosecution materials, statements and documents raised a prima facie presumption of money-laundering; therefore discharge was rightly refused and charges under Section 3 were validly framed, and the revision is dismissed. - HC
The principal issue was whether the accused was entitled to discharge or whether a prima facie case under Section 3 PMLA was made out warranting framing of charge. Applying the settled test that discharge is appropriate only if no sufficient ground exists to proceed and relying on the requirement that possession of proceeds must be supported by tangible, credible evidence, the court found the prosecution materials, statements and documents raised a prima facie presumption of money-laundering; therefore discharge was rightly refused and charges under Section 3 were validly framed, and the revision is dismissed. - HC
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