Mere possession of proceeds of crime sufficient to invoke PMLA: Madras High Court

The Madras High Court ruled that mere possession of proceeds of crime is sufficient to invoke the Prevention of Money Laundering Act (PMLA). The court observed that the definition of money laundering under Section 3 of the PMLA is broad and includes various activities related to proceeds of crime. The case involved a petition to discharge an individual from money laundering charges, where the court held that possession alone constitutes an offense under the PMLA. This ruling underscores the wide scope of the PMLA in addressing economic offenses and emphasizes that the mere possession of tainted property is enough to attract legal action. The decision highlights the court’s commitment to curbing economic crimes and ensuring that the provisions of the PMLA are effectively enforced.