https://www.taxtmi.com/caselaws?id=767519 The Karnataka HC quashed the ECIR and summons issued against the petitioner under PMLA Section 50. The court found that allotment of sites cannot constitute proceeds of crime, and the petitioner was not in possession, enjoyment, or usage of the allegedly laundered property as the sites had been surrendered and allotment cancelled. The court held that for PMLA offences, there must be concealment, possession, acquisition, or usage of proceeds of crime. Following precedent from a coordinate bench, the court determined that mere site allotment without actual possession or usage does not establish money laundering. The petition was allowed. en-us Fri, 07 Mar 2025 00:00:00 +0530 Thu, 20 Mar 2025 08:21:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767519 The Karnataka HC quashed the ECIR and summons issued against the petitioner under PMLA Section 50. The court found that allotment of sites cannot constitute proceeds of crime, and the petitioner was not in possession, enjoyment, or usage of the allegedly laundered property as the sites had been surrendered and allotment cancelled. The court held that for PMLA offences, there must be concealment, possession, acquisition, or usage of proceeds of crime. Following precedent from a coordinate bench, the court determined that mere site allotment without actual possession or usage does not establish money laundering. The petition was allowed. Case-Laws Money Laundering Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767519