TMI Blog2021 (6) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... nlarge the petitioner on bail, pending investigation in C.C. No. 26 of 2019 on the file of the learned XII Additional Sessions Court, Special Court for PMLA Cases, Chennai. 2. The petitioner herein is A1 in C.C. No. 26 of 2019 on the file of the learned XII Additional Sessions Court, (Special Court for PMLA Cases), Chennai, in the prosecution launched under the Prevention of Money Laundering Act, 2002 (for short the PMLA ). The petitioner and co-accused persons have been arrested on 05.07.2019 for the offences under Sections 3 and 4 of the PMLA. Hence, the petitioner seeks bail. 4. Learned counsel for the petitioner submitted that the punishment attracted for the offence is imprisonment for only 3 to 7 years; the petitioner has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into his account. The integration of ₹ 14,53,69,600/-, into his account within a period of two months, that too, in an assumed name with complete anonymity is the proceeds of crime and the conduct of the Petitioner/A1 in sending a sum of USD 2,184,785 equivalent INR 14,47,87,000/-, out of the amount accrued in the account of M/s. Astral Exim Co. by signing declaration before the bank official is projecting the proceeds of crime as untainted money before the Authorised Dealer bank, who is acting as an agent of the Reserve Bank of India; the foreign outward remittances with complete anonymity and hiding the illicit origin and transferring the same to foreign country, not only affects the financial system of the country but also the so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been upheld. It is unnecessary to refer to these judgments inasmuch as the classification of three years or more of offences contained in Part A of the Schedule must have a reasonable relation to the object sought to be achieved under the 2002 Act. As has already been pointed out, the 2002 Act was enacted so that property involved in money laundering may be attached and brought back into the economy, as also that persons guilty of the offence of money laundering must be brought to book. It is interesting to note that even in the recent 2015 amendment, the Legislature has used the value involved in the offence contained in Part B of the Schedule as a basis for classification. If for example, the basis for classification of offences refe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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