https://www.taxtmi.com/caselaws?id=758690 Bombay HC dismissed writ petitions challenging money laundering proceedings. Court held that offence under Section 3 of Prevention of Money Laundering Act requires predicate scheduled offence and cannot proceed on notional basis. ECIR was validly registered based on FIR alleging conspiracy to defraud bank depositors of Rs.11.5 crores through loan default by education group. Section 420 IPC being scheduled offence under PMLA justified money laundering investigation. Petitioners' challenge to subsumption of subsequent FIR into existing ECIR was rejected as grievances lacked merit. en-us Thu, 29 Aug 2024 00:00:00 +0530 Tue, 17 Sep 2024 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758690 Bombay HC dismissed writ petitions challenging money laundering proceedings. Court held that offence under Section 3 of Prevention of Money Laundering Act requires predicate scheduled offence and cannot proceed on notional basis. ECIR was validly registered based on FIR alleging conspiracy to defraud bank depositors of Rs.11.5 crores through loan default by education group. Section 420 IPC being scheduled offence under PMLA justified money laundering investigation. Petitioners' challenge to subsumption of subsequent FIR into existing ECIR was rejected as grievances lacked merit. Case-Laws Money Laundering Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758690