The apex court, in a hearing involving multiple petitioners such as Karti Chidambaram and Anil Deshmukh, scrutinized the validity of procedures specified in the Prevention of Money Laundering Act. A bench of Supreme Court judges, including Justice A.M. Khanwilkar, Dinesh Maheshwari, and C.T. Ravi Kumar, concluded that money laundering is a crime that significantly harms the country’s economy and financial system. It has the potential to paralyze or even derail the economy, making it even more severe than murder. This is why a special Act, the Prevention of Money Laundering Act (PMLA), was enacted to address and combat this serious offense. In essence, the court emphasized that money laundering is a graver crime than murder.
Supreme Court’s Landmark Ruling on Money Laundering: A Crime More Severe than Murder
The Supreme Court made a noteworthy observation, emphasizing that money laundering isn’t a minor crime; it’s a first-degree crime, more serious than murder. This is due to its association with activities like drug trading and terrorism, which challenge the country’s integrity and sovereignty. The matter was brought before the Apex court to assess the validity of various provisions in the Prevention of Money Laundering Act, as they were alleged to violate both natural justice principles under the Indian Constitution and various criminal laws. Money laundering isn’t a trivial offense; it falls within the category of more severe and heinous crimes, surpassing even murder in its impact. The entire financial well-being of a country hinges on its economy, which can be derailed by money laundering, making it a matter of utmost importance for the nation.
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