Home Case Index All Cases Money Laundering Money Laundering + SC Money Laundering - 2011 (9) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (9) TMI 847 - SC - Money LaunderingMoney Laundering - Offence punishable under Section 4 of the Prevention of Money Laundering Act, 2002 - search in the premises owned and/or possessed by the Respondent No.1 - documents which were recovered by the Income Tax Department - Respondent No.1, Shri Hassan Ali Khan, used the different passports which he had acquired by submitting false documents, to open bank accounts in foreign countries to engage in the laundering of tainted money – transfer of the huge sums from one bank to another was one of the methods adopted by persons involved in money-laundering to cover the trail of the monies which were the proceeds of crime - Held that:- Having a foreign bank account and also having sizeable amounts of money deposited therein does not ipso facto indicate the commission of an offence under the PML Act, 2002. However, deposit of US$ 700,000 in the Barclays Bank account of the Respondent No.1 has not been denied. On the other hand, the allegation is that the said amount was the proceeds of the sale of diamond jewellery which is alleged to have been stolen from the collection of the Nizam of Hyderabad - total income of the Respondent No.1 for the assessment years 2001-02 to 2007-08 has been assessed at ₹ 110,412,68,85,303/- by the Income Tax Department and in terms of Section 24 of the PML Act, the Respondent No.1 had not been able to establish that the same were neither the proceeds of crime nor untainted property - Bombay High Court had granted bail to the Respondent No.1 on an incorrect interpretation of the law and the said order granting bail was, therefore, liable to be set aside - Order granting bail set aside
|