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Chennai court convicts city-based importer guilty of violating the PMLA
Chennai court convicts city-based importer guilty of violating the PMLA

Chennai: ​On Wednesday, a special court in Chennai found a city-based importer guilty of money laundering and sentenced him to seven years in prison and a fine of Rs 1 crore under the Prevention of Money Laundering Act, 2002.

According to a CBI statement, if he defaults, he will have to go through RI for another year. The court also ordered the confiscation of Rs 1,75,49,253 in Fixed Deposits held by the Enforcement Directorate (ED), which the ED had provisionally attached and the Adjudicating Authority had confirmed.

On March 6, 2017, the ED launched a money-laundering investigation based on a FIR filed by the Central Crime Branch in Chennai. According to the statement, the accused made a remittance of USD 2,786,300, equivalent to over Rs 18.66 crore, through Indian Bank's Thousand Lights Branch in Chennai, and opened a current account in the name of Galaxy Impex by submitting forged identity documents in the assumed name of 'Waseem Liakath Ali' without disclosing the beneficiary owner either within or outside the country, or end-use in the recipient nation.

Due to his failure to meet the twin conditions for grant of bail before all judicial forums, the convicted person was arrested on April 3, 2017, and remained incarcerated for 33 months during his trial.

 

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