‘NO PREDICATE OFFENCE, NO PMLA CASE’
WHAT SC SAID ABOUT PREDICATE OFFENCE
"…in the event the person named in a criminal activity relating to a scheduled offence is finally absolved by a court… owing to an order of discharge, acquittal or because of quashing of the criminal case (scheduled offence) against him/her, there can be no action for money laundering against such a person or person claiming through him in relation to the property linked to the stated scheduled offence…"
THE PMLA CASE
- The ED case is that Omkar Group promoters allegedly took ₹410 crore from Yes Bank to construct rehabilitation buildings for slum dwellers under the Slum Rehabilitation Authority (SRA) scheme at Wadala but diverted the money to their group companies
- Last year, ED submitted charge sheet against actor and businessman Sachiin Joshi, Omkar Group promoters Babulal Varma, Kamal Kishor Gupta and 14 firms associated with them
- Joshi allegedly helped Omkar layer ₹87 crore; out on bail
- Omkar Group promoters Varma and Gupta were arrested on January 27, 2021
WHAT NEXT
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