https://www.taxtmi.com/caselaws?id=432125 Proceedings under the Prevention of Money Laundering Act, 2002 were not quashed because the complaint and investigation material disclosed a prima facie case of diversion and misuse of loan funds. The record indicated that farmer loans were credited into an escrow account and then transferred to other accounts for purposes other than those for which the loans had been sanctioned, while the petitioner was alleged to have been the company's Chief Executive Officer responsible for day-to-day affairs during the relevant period. On that material, the Court held that inherent jurisdiction could not be used to terminate the prosecution merely because the petitioner disputed his role, and the proceedings were permitted to continue. en-us Wed, 14 Dec 2022 00:00:00 +0530 Thu, 29 Dec 2022 09:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432125 Proceedings under the Prevention of Money Laundering Act, 2002 were not quashed because the complaint and investigation material disclosed a prima facie case of diversion and misuse of loan funds. The record indicated that farmer loans were credited into an escrow account and then transferred to other accounts for purposes other than those for which the loans had been sanctioned, while the petitioner was alleged to have been the company's Chief Executive Officer responsible for day-to-day affairs during the relevant period. On that material, the Court held that inherent jurisdiction could not be used to terminate the prosecution merely because the petitioner disputed his role, and the proceedings were permitted to continue. Case-Laws Money Laundering Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432125