The Calcutta High Court cancelled a broker's bail linked to ₹214 crore in unrecorded cash, stating that 'freelance' status does not shield individuals from money laundering laws.
Calcutta HC Cancels Bail Over ₹214 Crore Cash Trail Under PMLA
The Calcutta High Court has cancelled bail previously granted to an accused broker involved in a substantial cash trail of ₹214 crore. The court maintained that the individual's freelance status does not exempt him from accountability under the Prevention of Money Laundering Act (PMLA).
The Bench found that the conversion of judicial processes into avenues for generating unrecorded or black money represents an ongoing offense. The court reiterated that the characterization of one's professional status does not alter the application of stringent financial regulations.
For practitioners, this ruling emphasizes the critical nature of compliance with money laundering laws and the serious repercussions that can follow from financial misconduct, regardless of professional designation.
Citations
- Calcutta HC (2026) Criminal Reporter 4
