Prevention of Money Laundering Act, 2002
Section 50—Order of summons—Prayer for quashing—Summons issued by ED cannot be quashed merely because relevant documents required for purpose of investigation or confrontation to the petitioner, have not been specified in the summons—Merely in view of order passed by NCLT in insolvency proceedings and reference of the same in order of bail application, cannot lead to a conclusion at this stage, that petitioner is not associated with proceeds of crime—Neither the same takes away the jurisdiction to investigate the proceedings under the PMLA—Summons under Section 50 of the PML Act have been issued by competent authority in connection with inquiry/investigation for purpose of collection of information or evidence regarding proceeds of crime under the Act and same is not hit by Article 20(3) of the Constitution—Petitioner is yet to be absolved of scheduled offence by way of discharge, acquittal or quashing and as such protection orders cannot be issued in favour of petitioner ignoring the mandate under Section 45 of Act for grant of bail—Further the summoning in exercise of statutory powers cannot be stalled merely on mere apprehension that petitioner may be arrested and prosecuted on basis of summons issued after registration of ECIR, in proceedings initiated by ED—No grounds for interim relief are made out at this stage.
[Paras 12 & 13]