Lawstreet Journal

Orissa High Court: Money Laundering an act of financial terrorism, poses a serious threat to the financial system and sovereignty of a nation [READ JUDGMENT]

Lawstreet Journal 17 Jul 2020 7:51pm

Image courtesy: Lawstreet Journal Judiciary Orissa High Court: Money Laundering an act of financial terrorism, poses a serious threat to the financial system and sovereignty of a nation [READ JUDGMENT]

On Monday, 13th July 2020 Orissa High Court observed that “The offenses of Money Laundering are nothing but an act of financial terrorism that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation.”

A bail plea was heard by Justice S.K Panigrahi by a Director of a company who was accused of his involvement in the laundering of sums of money accumulated under “A bodacious Ponzi scheme (floated by another company, namely, M/s. Fine Indisales Pvt. Ltd), inducing susceptible depositors by way of misrepresentation, promising immediate refund in case of any default and timely payment of return,” with a “terminal ulterior motive to siphon off the funds collected from the public.”

The single bench named it as “economic demonology”, and further called it “windfall gain of about Rs 703 Crores” that is “stained with the sweat, tears, and blood of multitudes of innocent people.”

The single judge further commented, “The modus operandi adopted while transferring such a prodigious sum of ill-gotten wealth with the singular intention of concealing the source of funds and to project the tainted money as untainted ex facie constitute the offense of money laundering.”

The bench further concluded that “The aforesaid amount of money has since been moved around and subjected to Machiavellian layering through a myriad of shell companies and bogus transactions. The money collected from such a scheme immediately got transferred to different bank accounts of individuals as well as firms (including the petitioner’s… Continue Reading...


Tagged: Orissa High Court  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.