https://www.taxtmi.com/caselaws?id=754020 The Allahabad HC rejected a bail application in a money laundering case involving fraudulent investment schemes targeting citizens through M/s Shine City. The court emphasized that economic offences with deep-rooted conspiracies causing public fund losses are grave matters threatening the country's financial health. Under Section 24 of the PMLA, the burden shifts to accused persons to prove money wasn't proceeds of crime. The court found prima facie involvement of the applicant and could not satisfy itself under Section 45 that the applicant was not guilty or unlikely to commit offences on bail. en-us Sat, 25 May 2024 00:00:00 +0530 Fri, 14 Jun 2024 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754020 The Allahabad HC rejected a bail application in a money laundering case involving fraudulent investment schemes targeting citizens through M/s Shine City. The court emphasized that economic offences with deep-rooted conspiracies causing public fund losses are grave matters threatening the country's financial health. Under Section 24 of the PMLA, the burden shifts to accused persons to prove money wasn't proceeds of crime. The court found prima facie involvement of the applicant and could not satisfy itself under Section 45 that the applicant was not guilty or unlikely to commit offences on bail. Case-Laws Money Laundering Sat, 25 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754020