Proceeds of crime were diverted from a sanctioned loan amount of ...

Loan Misuse of Rs. 1530.99 Crores Leads to Arrest Under Money Laundering Laws; Court Confirms Legal Compliance.

October 19, 2024

Case Laws Money Laundering HC

Proceeds of crime were diverted from a sanctioned loan amount of Rs. 1530.99 crores for an unauthorized purpose, constituting a predicate offence for money laundering. The Enforcement Directorate (ED) arrested the accused under the Prevention of Money Laundering Act (PMLA), providing reasons to believe as mandated by Section 19. The High Court upheld the arrest, ruling that the ED complied with statutory requirements by apprising the accused of reasons and grounds for arrest at the time of arrest. Non-recovery of substantial proceeds of crime necessitated the arrest. The arrest grounds were self-sufficient and valid, conforming to Section 19 of PMLA. An illegal arrest breaching Section 19 requirements would invalidate the arrest and prevent re-arrest on the same grounds, infringing constitutional rights.

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Proceeds of crime were diverted from a sanctioned loan amount of ...

Loan Misuse of Rs. 1530.99 Crores Leads to Arrest Under Money Laundering Laws; Court Confirms Legal Compliance.

October 19, 2024

Case Laws Money Laundering HC

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