https://www.taxtmi.com/caselaws?id=419158 Prosecution under the Prevention of Money Laundering Act requires a scheduled offence, proceeds of crime, and projection of those proceeds as untainted property. The complaint against the petitioner alleged only that he sanctioned loans in breach of banking norms, but it contained no material showing that he directly or indirectly participated in, assisted, or abetted concealment, possession, acquisition, use, or projection of proceeds of crime. Mere abuse of official position in loan sanctioning was held insufficient to attract Sections 3 and 4, and the proceedings were quashed. en-us Thu, 27 Jan 2022 00:00:00 +0530 Thu, 03 Mar 2022 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419158 Prosecution under the Prevention of Money Laundering Act requires a scheduled offence, proceeds of crime, and projection of those proceeds as untainted property. The complaint against the petitioner alleged only that he sanctioned loans in breach of banking norms, but it contained no material showing that he directly or indirectly participated in, assisted, or abetted concealment, possession, acquisition, use, or projection of proceeds of crime. Mere abuse of official position in loan sanctioning was held insufficient to attract Sections 3 and 4, and the proceedings were quashed. Case-Laws Money Laundering Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419158