https://www.taxtmi.com/caselaws?id=763877 Madras HC dismissed petition seeking quashing of ECIR under PMLA after FIR was quashed by Karnataka HC. Court held that ECIR is independent of FIR once initiated, and automatic quashing of ECIR upon FIR quashment would defeat PMLA's purpose. FIR was quashed on jurisdictional grounds as SFIO had investigation authority, not on merits. Since predicate offence under Section 447 Companies Act remains pending and PMLA is sui-generis legislation with standalone provisions, ECIR proceedings can continue independently. Court emphasized case-by-case analysis required rather than automatic quashing principle. en-us Wed, 28 Aug 2024 00:00:00 +0530 Mon, 30 Dec 2024 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763877 Madras HC dismissed petition seeking quashing of ECIR under PMLA after FIR was quashed by Karnataka HC. Court held that ECIR is independent of FIR once initiated, and automatic quashing of ECIR upon FIR quashment would defeat PMLA's purpose. FIR was quashed on jurisdictional grounds as SFIO had investigation authority, not on merits. Since predicate offence under Section 447 Companies Act remains pending and PMLA is sui-generis legislation with standalone provisions, ECIR proceedings can continue independently. Court emphasized case-by-case analysis required rather than automatic quashing principle. Case-Laws Money Laundering Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763877