https://www.taxtmi.com/caselaws?id=309356 Allegations that an FLCI accountant had made false entries and that salary, bonus and other perquisites constituted proceeds of crime were found unsupported by the materials referred to in the complaint. The court noted that the diverted loan amounts were shown to have benefited other individuals and entities, while Sivaramakrishnan's property and his wife Ratha's fixed deposits were traceable to his legitimate earnings. Although selective prosecution was argued, the prosecution was not quashed on discrimination grounds alone. On the facts pleaded, the complaint was treated as misconceived under the PMLA and the proceedings against Sivaramakrishnan and Ratha were quashed. en-us Thu, 04 Feb 2021 00:00:00 +0530 Sun, 27 Aug 2023 11:39:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309356 Allegations that an FLCI accountant had made false entries and that salary, bonus and other perquisites constituted proceeds of crime were found unsupported by the materials referred to in the complaint. The court noted that the diverted loan amounts were shown to have benefited other individuals and entities, while Sivaramakrishnan's property and his wife Ratha's fixed deposits were traceable to his legitimate earnings. Although selective prosecution was argued, the prosecution was not quashed on discrimination grounds alone. On the facts pleaded, the complaint was treated as misconceived under the PMLA and the proceedings against Sivaramakrishnan and Ratha were quashed. Case-Laws Money Laundering Thu, 04 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309356