TRIAD TRADING SERVICES P LTD Vs. UNION OF INDIA
HIGH COURT OF MADRAS
Triad Trading Services P Ltd
UNION OF INDIA
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SUBRAMONIUM PRASAD,J -
(1.) Prayer in the instant writ petition is for a declaration, declaring as ultra vires the provisions of Section 8 (4) of the Prevention of Money
Laundering Act , 2002 (herein after called as the Act) and the Prevention of
Money Laundering (Taking Possession of Attached or Frozen Properties
confirmed by Adjudicating Authority) Rules, 2013, (hereinafter called as
the Rules) as being unjust, manifestly arbitrary and therefore, violative of
Article 14 of the Constitution of India.
(2.) In Section 3 of the Act, whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is
actually involved in any process or activity connected with the proceeds of
crime including its concealment, possession, acquisition or use and
projecting or claiming it as untainted property shall be guilty of offence
of money laundering.
(3.) Section 5 of the Act, provides that where an Officer not below the rank of Deputy Director has reason to believe on the basis of the
material in his possession that any person is in possession of any proceeds
of crime and such proceeds of crime are likely to be concealed,
transferred or dealt with in any manner which may result in frustrating
any proceedings relating to confiscation of such proceeds of crime, he may
order for a provisional attachment of such property for a period not
exceeding 180 days.;
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