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2023 (10) TMI 822 - HC - Money LaunderingMoney Laundering - predicate offence - matter amicably settled between the petitioner and the complainant and No Dues Certificate was issued in favor of the petitioner - embezzlement and misappropriation of loan amount which had been disbursed by Yes Bank towards the development of a hospital in Gurugram - non-payment of salaries - reduction of equity shareholding of the complainant - falsification of accounts. HELD THAT:- The Telangana High Court in Manturi Shashi Kumar [2023 (4) TMI 1199 - TELANGANA HIGH COURT] has also quashed a complaint under Section 3 of the PMLA on the grounds of the accused being discharged/acquitted of the scheduled offence. In view of the aforesaid legal position, the present complaint filed by the ED and the proceedings arising therefrom cannot survive. Considering that the FIR has been quashed by this court and that it has not been challenged till date, there can be no offence of money laundering under section 3 of the PMLA against the petitioners. Petition allowed.
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