Outstanding from forex fluctuations are not ‘proceeds of crime’ under the PMLA Act: Telangana High Court quashes ED case against Sukesh Gupta, Director of MBS Jewellers
The Telangana High Court quashed ED case against Sukesh Gupta and opined that the differential amount of rupee dollar fluctuation could be termed as an outstanding which could be recovered in a civil suit but could not be termed as ‘proceeds of crime’.