Mere Possession of Proceeds of Crime is Sufficient to Invoke PMLA: Madras HC

S. Srinivasan Vs Assistant Director (Madras High Court) Summary: In S. Srinivasan Vs Assistant Director (Madras High Court), the court held that mere possession of proceeds of crime is sufficient to invoke the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The judgment clarified that Section 3 of the PMLA, which defines the offence of money laundering, covers a broad range of activities including concealment, possession, acquisition, use, projecting, or claiming proceeds of crime as untainted property. The court emphasized that these activities should not be read conjunctiv...