Bringing you the Best Analytical Legal News
Covering all the important white collar crimes cases across various Tribunals, High Courts and the Supreme Court as well as the legislative update, this roundup provides a quick summary of cases, latest legal updates in white collar crimes and links to other roundups.
As per the Rules, Chanda Kochhar should have distanced from the meetings which were held for loan sanction, because of conflict of interest. However, not only did she participate in the meeting, but she also sanctioned the loan under urgent category.
“The investigation conducted so far revealed that mule accounts were opened within Kerala with the assistance of persons including the accused.”
Born on 21-07-1962, in the picturesque city of Erode, Justice M.M. Sundresh’s remarkable legal career, led to his appointment as a Judge of the Supreme Court of India on 26-08-2021. His journey from a small town to the highest echelons of the Indian judiciary serves as an inspiration to many aspiring legal minds.
“If the enforcement of the PMLA is disrupted just because the IPC has been replaced with a new code, the entire mechanism would come to a halt, and offenders would escape liability due to a technicality.”
Hearing an appeal filed by co-accused Mihir Bhansali’s wife, the Tribunal stated that PMLA, 2002 entitles the attachment of proceeds of crime which are either generated as a result of criminal activity relating to a scheduled offence, or, equivalent value, or, where such proceeds of crime is taken, or, held outside the country.
by Avik Biswas*, Rithika Reddy** and Prerna Acharya***
“Mere absence of due diligence, even if assumed for arguments sake, does not amount to the commission or omission of an offence under Section 3 of the PMLA, 2002.”
The Union contended that Sunil had not paid anything to the various banks that had given credit facilities amounting to approximately Rs. 2947 Crores to the Sai Infosystem (India) Ltd.
Justice Bela M. Trivedi, who was appointed as a Supreme Court Judge in 2021, became the first woman Judge from Gujarat High Court to be elevated to the Supreme Court and is a Limca Book of Records holder.
The Court also refused to issue a blanket direction restraining the registration of FIRs against him or mandating a preliminary inquiry in all future cases involving him, opining that such a direction would not only be contrary to the statutory framework of the CrPC but would also amount to judicial overreach.
The Petitioner further contended that the second proviso to the Section 8(8) of PMLA, 2002, is in contravention with the settled law provided under the PMLA, 2002.
“Consideration of two conditions mentioned in Section 45 is mandatory, and while considering the bail application, the said rigours of Section 45 have to be reckoned by the court to uphold the objectives of the PMLA.”
ED’s investigation into the Jal Jeevan Mission scam revealed that fake and fabricated work experience certificates were used to get Public Health and Engineering Department contracts and bribes were given to public servants to score tenders.
Rajasthan High Court via the impugned order dated 11-11-2021 dismissed the appellant’s application for anticipatory bail opining that the appellant was allegedly involved in serious economic offence.
Delhi High Court affirmed that Explanation-II of Section 44(1)(b) of the PMLA applies retrospectively
The Court pointed out that there is no embargo on considering the plea of absence of sanction, after cognizance is taken by the Special Court of the offences punishable under Section 4 of the PMLA.
“PMLA, being a special and standalone statute, the trial proceedings under this Act do not have any bearing on the trial proceedings or the outcome of the trial proceedings of the scheduled offence.”
by Juvraj Singh Bindra* and Bhawna Lakhina**
V. Senthil Balaji was arrested and remanded to judicial custody on 14-06-2023 for an alleged offence under Section 3 of PMLA.