V.P. Nandakumar V. The Assistant Director Directorate of Enforcement, Cochin Zonal Office
Date of Order:
12th September, 2023
Hon'ble Justice Devan Ramachandran
Petitioner: V.P. Nandakumar
Respondent: The Assistant Director Directorate of Enforcement, Cochin Zonal Office
This Court has made it quite clear, the court reasoned, that "in the event of the predicate offence getting revived, it would always be open for the ED to revive the proceedings under the Prevention of Money Laundering Act, 2002 as well."
Section 17(1A) of the Prevention of Money Laundering Act
Whether order assailed in the writ petition, issued under Section 17(1A) of the Prevention of Money Laundering Act, 2002, is now sustainable?
ARGUMENTS ADVANCED BY THE APPELLANT
The petitioner's learned Senior counsel firmly stated that because the case's legal basis—the Enforcement Director's registration of it under the terms of the "PMLA"—has been revoked by this Court, it no longer has anything to stand on and cannot, therefore, be supported or justified to proceed.
ARGUMENTS ADVANCED BY THE RESPONDENT
An Indian law known as the Prevention of Money Laundering Act of 2002 (PMLA) was passed with the goals of preventing and controlling money laundering as well as providing for the confiscation of property linked to or used in the practice. The law makes money laundering a crime and permits the freezing, seizing, and confiscation of the proceeds of crime. Beginning on July 1, 2005, the PMLA and the Rules thereunder went into effect.