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Special court convicts man to five years of rigorous imprisonment under anti-money laundering law


Devdiscourse News Desk patna India
Updated: 11-10-2018 23:10 IST
Special court convicts man to five years of rigorous imprisonment under anti-money laundering law

A special court here Thursday convicted a man to five years of rigorous imprisonment under the anti-money laundering law for possession of illegal arms and fake Indian currency notes (FICN), the Enforcement Directorate (ED) said.

Mohammed Naushad alias Nastasia was also slapped with a fine of Rs 5 lakh and his assets worth over Rs 22.56 lakh have been confiscated under the Prevention of Money Laundering Act (PMLA), it said.

This is the fifth conviction under the PMLA in the country after the stringent law was enacted in 2002 and implemented from 2005 to check serious crimes of tax evasion, generation of black money and money laundering.

Officials said the ED had filed a criminal complaint against the man in 2013 based on a Bihar police FIR which had charged him under the Arms Act and Unlawful Activities Prevention Act (UAPA) after FICN of Rs 1.40 lakh face value was seized from his possession in 2009.

"Investigation revealed that Naushad had ill-gotten money by way of commission of crimes. They said the money was utilised by the accused to acquire/possess immovable property, in the form of a house, to the extent of

Rs 22,56,357 at Munger, in his own name, during the period of 2009 to 2010.

"This immovable property is the proceeds of crime under the PMLA and hence was attached in March 2016. A prosecution complaint (charge sheet) was filed against him subsequently and a trial has now led to his conviction under the anti-money laundering act," the ED said in a statement.

The PMLA allows for a maximum of seven years of imprisonment and a fine.

(With inputs from agencies.)

COUNTRY : India

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