2021 (6) TMI 404

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....tional Sessions Court, (Special Court for PMLA Cases), Chennai, in the prosecution launched under the Prevention of Money Laundering Act, 2002 (for short the "PMLA"). The petitioner and co-accused persons have been arrested on 05.07.2019 for the offences under Sections 3 and 4 of the PMLA. Hence, the petitioner seeks bail. 4. Learned counsel for the petitioner submitted that the punishment attracted for the offence is imprisonment for only 3 to 7 years; the petitioner has been in custody from 05.07.2019; the Supreme Court has observed that bail can be granted for the offence for which the maximum imprisonment is 7 years; the petitioner is ready to oblige any condition imposed by this Court and he would not evade the trial and pleaded to gr....

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....00/-, out of the amount accrued in the account of M/s. Astral Exim & Co. by signing declaration before the bank official is projecting the proceeds of crime as untainted money before the Authorised Dealer bank, who is acting as an agent of the Reserve Bank of India; the foreign outward remittances with complete anonymity and hiding the illicit origin and transferring the same to foreign country, not only affects the financial system of the country but also the sovereignty and integrity of both our and recipient nation. Thus, the petitioner/A1 committed International Trade Based Money Laundering and is liable for penal consequences under Sections 3 and 4 of the PMLA. After completion of investigation following due process of law, based on ev....

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....2002 Act was enacted so that property involved in money laundering may be attached and brought back into the economy, as also that persons guilty of the offence of money laundering must be brought to book. It is interesting to note that even in the recent 2015 amendment, the Legislature has used the value involved in the offence contained in Part B of the Schedule as a basis for classification. If for example, the basis for classification of offences referred to and related to Offences under the 2002 Act With a monetary limit beyond which such offences would be made out, such classification would obviously have a rational relation to the object sought to be achieved by the Act i.e. to attach properties and the money involved in money launde....