https://www.taxtmi.com/caselaws?id=763100 The Madras HC dismissed a criminal revision petition challenging denial of discharge in a money laundering case involving illegal granite quarrying valued at Rs. 261.89 crores. The court held that identification of proceeds of crime is not mandatory for prosecution under Prevention of Money Laundering Act, as concealment itself constitutes the offence. Citing SC precedent in Rana Ayyub case, the court ruled that prosecution need only establish generation of proceeds and accused's involvement in related activities. The court applied presumption under Section 24(b) given the quantum involved, stating accused cannot escape liability by making proceeds disappear through "Houdini tricks." en-us Wed, 27 Nov 2024 00:00:00 +0530 Thu, 12 Dec 2024 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763100 The Madras HC dismissed a criminal revision petition challenging denial of discharge in a money laundering case involving illegal granite quarrying valued at Rs. 261.89 crores. The court held that identification of proceeds of crime is not mandatory for prosecution under Prevention of Money Laundering Act, as concealment itself constitutes the offence. Citing SC precedent in Rana Ayyub case, the court ruled that prosecution need only establish generation of proceeds and accused's involvement in related activities. The court applied presumption under Section 24(b) given the quantum involved, stating accused cannot escape liability by making proceeds disappear through "Houdini tricks." Case-Laws Money Laundering Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763100