New Delhi, March 18 -- The Supreme Court on Monday held that money laundering results in significant loss to the economy and courts should not allow procedural loopholes to come to the aid of such offenders to evade justice.
The court's observations came while dealing with a petition filed by former Gujarat IAS officer Pradeep N Sharma who claimed that the predicate offence of cheating and corruption under the Indian Penal Code and Prevention of Corruption Act against him related to the year 2004-05 when these offences were not a scheduled offence under the Prevention of Money Laundering Act (PMLA).
As the then Bhuj district collector, he was accused of giving industrial lands to firms at less rates causing loss to exchequer.
Dismissing ...