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Predicate offence not necessary to launch prosecution under Money Laundering Act:

September 6, 2019[2019] 109 taxmann.com 56 (Karnataka)
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FEMA, BANKING & INSURANCE : Section 3 Prevention of Money Laundering Act, 2002 (PMLA) would disclose that whosoever directly or indirectly, attempts to indulge or knowingly assess or knowingly is a party or is actually involved in any process or activity connected with proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming it as untainted property, would be punishable for offence of money laundering. Money laundering is an offence independent of the predicate offence and to launch prosecution under section 3, it would not be necessary that a predicate offence should also have been committed

• Mere issuance of a show cause notice or notice to appear for purposes of investigation does not infringe right of a party, as it does not affect right of such party. Thus, question of fundamental right guaranteed under Article 21 of Constitution of India cannot be held to have been infringed by petitioners on account of they having been summoned for investigation by issuance of impugned summons by ED.

• Thus, summons issued to petitioners by Enforcement Directorate under PMLA necessitating petitioner to appear for an investigation and other proceedings pursuant to search conducted by Income Tax Department were justified and could not have been quashed or set aside.

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