Nawab Malik Habeas Corpus Plea- Bombay High Court Hearing [DAY 3] - LIVE UPDATES
ASG earlier read sec 3 of PMLA.He is now reading section 19 on the power to arrest.
ASG- The requirement is must have "material in possession" and record "reasons in writing" and communicate to the accused.
"All these requirements have been fulfilled in this case."
ASG - If he is involved in enjoying, using possessing as untainted, then he is covered under this section.
ASG after reading the explanation of the section.
J Varale points out that the words "directly or indirectly" will have to be read along with knowledge.
ASG - So it is connected to any activity even if it is 'related' to a Sheduled offence. It is ANY activity.
ASG points out Section 3 if PMLA
ASG reads what is the proceeds of crime under PMLA.
Section 2(u) of PMLA defines "Proceeds of Crime" as any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property...
ASG reads section 2(n)(a) of PMLA which is the def of investigation.
ASTM So we are at the stage of investigation for the purpose of collecting evidence.
ASG - Money laundering was considered to be a serious threat not only to the financial system but also the integrity and sovereignty of the country due to it's international ramifications.
Therefore the need for a law. To regulate activities related to money laundering.