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Gains from legal transaction emanating from illegal act would be construed as proceeds of crime
Case Law Details
- Case Name
- Directorate of Enforcement Vs Prakash Industries Ltd. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Directorate of Enforcement Vs Prakash Industries Ltd. (Delhi High Court)
Delhi High Court held that gains from legal transaction emanating from an illegal act would still be construed as “proceeds of crime” under the Prevention of Money Laundering Act, 2002. Thus, profits from artificially elevated share price qualifies as proceeds of crime and hence attachment justifiable.
Facts- The dispute between the parties arises from the allocation of Fatehpur Coal Block in favour of M/s Prakash Industries Limited [hereinafter referred to as ‘PIL’]. The primary allegations against PIL a...
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