https://www.taxtmi.com/caselaws?id=346077 Proceedings under the Prevention of Money Laundering Act could not be sustained where the alleged conduct pre-dated the Act and the underlying corruption offence was not a scheduled offence at the relevant time. The Court held that Section 5 attachment requires proceeds of crime from a scheduled offence and recorded reasons to believe that the property may be concealed or dealt with to frustrate proceedings; those statutory preconditions were absent on the facts. Retrospective application of the penal statute would also offend Article 20(1) of the Constitution of India. The provisional attachment order and original complaint were therefore quashed as unsustainable. en-us Thu, 13 Jul 2017 00:00:00 +0530 Fri, 04 Aug 2017 07:00:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346077 Proceedings under the Prevention of Money Laundering Act could not be sustained where the alleged conduct pre-dated the Act and the underlying corruption offence was not a scheduled offence at the relevant time. The Court held that Section 5 attachment requires proceeds of crime from a scheduled offence and recorded reasons to believe that the property may be concealed or dealt with to frustrate proceedings; those statutory preconditions were absent on the facts. Retrospective application of the penal statute would also offend Article 20(1) of the Constitution of India. The provisional attachment order and original complaint were therefore quashed as unsustainable. Case-Laws Money Laundering Thu, 13 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346077