https://www.taxtmi.com/caselaws?id=305385 An OTS settlement and repayment of dues do not, by themselves, extinguish criminal liability in a serious bank fraud involving alleged diversion of bank funds; where the banks treated settlement as a commercial recovery arrangement preserving criminal action, quashing was refused. The challenge to the PMLA investigation and summons also failed because the ECIR was only an investigative step, the summons were for recording statements and collecting evidence, and the CBI FIRs disclosed scheduled offences with prima facie proceeds of crime. Interference under Section 482 CrPC was held unwarranted in such an economic offence, and the petitioners were required to cooperate with the investigation. en-us Tue, 22 Dec 2020 00:00:00 +0530 Fri, 02 Dec 2022 06:28:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305385 An OTS settlement and repayment of dues do not, by themselves, extinguish criminal liability in a serious bank fraud involving alleged diversion of bank funds; where the banks treated settlement as a commercial recovery arrangement preserving criminal action, quashing was refused. The challenge to the PMLA investigation and summons also failed because the ECIR was only an investigative step, the summons were for recording statements and collecting evidence, and the CBI FIRs disclosed scheduled offences with prima facie proceeds of crime. Interference under Section 482 CrPC was held unwarranted in such an economic offence, and the petitioners were required to cooperate with the investigation. Case-Laws Money Laundering Tue, 22 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305385