https://www.taxtmi.com/caselaws?id=752671 The Allahabad HC rejected a bail application in a money laundering case involving proceeds of crime from property encroachment. The applicant was allegedly connected to M/s Vikas Construction, which generated proceeds through falsification of records. Despite the applicant's claim of no direct involvement, the court found prima facie evidence linking him to fund movements between firms through flow charts and financial trails. The court noted the applicant's initial non-cooperation with summons and inability to explain transactions, relying on family members for funds. Under Section 45 of PMLA, the court could not satisfy itself that the applicant was not guilty or unlikely to commit offenses on bail, resulting in rejection. en-us Thu, 09 May 2024 00:00:00 +0530 Thu, 16 May 2024 06:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752671 The Allahabad HC rejected a bail application in a money laundering case involving proceeds of crime from property encroachment. The applicant was allegedly connected to M/s Vikas Construction, which generated proceeds through falsification of records. Despite the applicant's claim of no direct involvement, the court found prima facie evidence linking him to fund movements between firms through flow charts and financial trails. The court noted the applicant's initial non-cooperation with summons and inability to explain transactions, relying on family members for funds. Under Section 45 of PMLA, the court could not satisfy itself that the applicant was not guilty or unlikely to commit offenses on bail, resulting in rejection. Case-Laws Money Laundering Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752671