TMI Blog2018 (9) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... are in possession of proceeds of crime, the complaint has been registered and it is under investigation besides adjudication for attachment. Under these circumstances, it cannot be construed that the Authorities have no power under Section 3 or 5 to proceed against the petitioners or the complaint itself is bereft of material and liable to be quashed. It is for the petitioners to participate in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2002 (hereinafter referred as PML Act). The petitioners herein are one of the partners of M/s. R.R. Minerals at Aruppukottai, wherein, the respondents have found that there is prima facie case of money laundering in the affairs of the said partnership firm and therefore, summon was served to the petitioners under Section 50(2) and 50(3) of PML Act, calling upon them to answer the queries and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... far it relates to the petitioners, under Section 5(5) of PML Act is not sustainable and liable to be quashed. 2. Heard the Learned Counsel for the petitioners. For convenience, provisions relevant to decide the petition is extracted below :- Section 2(u) :- Proceeds of crime means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Procedure, 1973 (2 of 1974); or (ii) Paragraph 2 of Part A of the Schedule, a police report or a complaint has been filed for taking cognizance of an offence by the Special Court constituted under sub-section (1) of Section 36 of the Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985). 3. Insofar as this case is concerned, after affording an opportunity to the petitioners unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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