21/12/2025
JKJ ONLINE 88424 Prevention of Money Laundering Act, 2002
Section 44, 45, 2, 3, 4 r/w Sections 120-B, 420, 467, 471 of Ranbir Penal Code, Svt. 1989, Section 5(2) of J&K Prevention of Corruption Act and Section 482 of Code of Criminal Procedure, 1973--Proceeds of Crime--Connected activity--An act of mortgaging the property with the Bank for securing the loan that is said to have been obtained fraudulently without following Banking rules and regulations cannot by any stretch of imagination be termed as money-laundering and act of the petitioners of having fraudulently secured loan for development and establishment of satellite township by submitting false documents, at the most makes out a case for forgery or Bank fraud--The fact that the money that was transferred in the accounts of the land owners which had been attached on the premise that the same is "proceeds of crime" and was released in favour of the said land owners by the orders of the Apex Court cannot be overlooked, in that, if the said money in the accounts of the land owners was "proceeds of crime", the same would not have been ordered to be released in favour of the land owners and treating the said money in the accounts of the land owners for the purpose of making out a case of money-laundering against the petitioners under said circumstances cannot but said to be not only abuse of process of law, but as well an attempt to overreach the orders of the Apex Court, in that, the transaction between the land owners and the Society essentially has been treated as a genuine transaction by the Apex Court while ordering release of money in question in favour of the land owners--Impugned complaints qua the petitioners in both the petitions are quashed--Petitions allowed.
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