https://www.taxtmi.com/caselaws?id=155994 The Supreme Court construed "money circulation scheme" under the Prize Chits and Money Circulation Schemes (Banning) Act narrowly, holding that the offence requires a scheme for quick or easy money where returns depend on an event or contingency linked to enrolment of members. Mere acceptance of deposits, payment of high interest, or alleged use of unaccounted money was insufficient on the face of the FIR and affidavits. Because the essential ingredients of the offence were not disclosed, no cognizable offence was made out and the police lacked authority to continue the investigation; the proceedings founded on that FIR were liable to be quashed. en-us Tue, 02 Feb 1982 00:00:00 +0530 Sat, 21 Dec 2013 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155994 The Supreme Court construed "money circulation scheme" under the Prize Chits and Money Circulation Schemes (Banning) Act narrowly, holding that the offence requires a scheme for quick or easy money where returns depend on an event or contingency linked to enrolment of members. Mere acceptance of deposits, payment of high interest, or alleged use of unaccounted money was insufficient on the face of the FIR and affidavits. Because the essential ingredients of the offence were not disclosed, no cognizable offence was made out and the police lacked authority to continue the investigation; the proceedings founded on that FIR were liable to be quashed. Case-Laws Indian Laws Tue, 02 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155994