Home Case Index All Cases Money Laundering Money Laundering + HC Money Laundering - 2022 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1126 - HC - Money LaunderingMoney Laundering - attachment of property - Seeking grant of interim relief - whether the Petitioner is entitled for interim relief based on any distinct circumstances or as an exceptional case, much particular that since he has been exonerated by the Income Tax authority, by the Adjudicating Authority and by the State of Chhattisgarh where the Petitioner is in employment? - HELD THAT:- The Prevention of Money Laundering Act, 2002 was introduced as its statement of objects and reasons mentioned, to make money laundering an offence and to attach property involved under money laundering, so that serious threat to the financial system of India is adequately dealt with. It is worth setting out the statement of objects and reasons of the Act in full - The "PMLA", being a Special Act, has provided certain mandatory provisions in order to ensure the effective investigation of the offence of money laundering. The economic offences not only affect individuals alone but damage the economy as well. Chanakya once said that the king who steals from the Rajkosh (treasury-public money) should be punished by the harshest sentence for he not only steals from an individual but the citizens of the Nation. It is high time where we as a society should take charge of it and sharp tools like PMLA to eradicate corruption once and for all. It is our responsibility that no one can take advantage of grey areas and loopholes. The provisions of the PMLA indicate that it is a Special Act and is a complete code itself, which does not come into the purview of other criminal law statutes. The provision of Code of Criminal Procedure do not prevail over the PMLA except in exceptional circumstances. The documents on record would show that the investigation under PMLA, 2002, is at very initial stage and, though, the Petitioner has been exonerated in other proceeding, but, at this stage, it would not be proper to arrive at conclusion that no offence under PMLA, 2002 is made out. The reply filed by the respondent authorities would show that under the PMLA, they have only got two opportunities to inquire from the Petitioner. The Petitioner is bound to submit his statements, documents to the respondent authorities to establish his innocence at the first instance, so as to avoid further proceedings under the provisions of the PMLA, 2002 - this Court does not find any sufficient ground where further proceeding of the impugned ECIR and addendum to the ECIR can be stayed. The Petitioner is not entitled to get any interim relief as prayed for. Application dismissed.
|