https://www.taxtmi.com/caselaws?id=431860 Section 420 IPC being a scheduled offence under the Prevention of Money Laundering Act, 2002, the existence of an FIR for cheating and prima facie material of misdeclaration and concealment was sufficient to support initiation of an ED investigation. The Court treated the alleged foreign exchange remittances and possible generation of proceeds of crime as adequate statutory foundation for PMLA action. It also held that prior FEMA adjudication and related stay orders did not bar the investigation, because the bank was not a party to that adjudication and the FEMA dispute would not be examined in the writ petition. The challenge to ED jurisdiction therefore failed and the writ petition was rejected. en-us Mon, 19 Dec 2022 00:00:00 +0530 Fri, 23 Dec 2022 09:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431860 Section 420 IPC being a scheduled offence under the Prevention of Money Laundering Act, 2002, the existence of an FIR for cheating and prima facie material of misdeclaration and concealment was sufficient to support initiation of an ED investigation. The Court treated the alleged foreign exchange remittances and possible generation of proceeds of crime as adequate statutory foundation for PMLA action. It also held that prior FEMA adjudication and related stay orders did not bar the investigation, because the bank was not a party to that adjudication and the FEMA dispute would not be examined in the writ petition. The challenge to ED jurisdiction therefore failed and the writ petition was rejected. Case-Laws Money Laundering Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431860