Madras High Court Halts ED's Actions in TASMAC Case

The Madras High Court has stayed proceedings authorized by the Enforcement Directorate against film producer Akash Baskaran and businessman Vikram Ravindran in the alleged Rs 1,000 crore TASMAC money laundering case. The bench found no nexus between the materials submitted by the ED and their claims.

In a significant legal development, the Madras High Court has issued a stay on the proceedings initiated by the Enforcement Directorate against film producer Akash Baskaran and businessman Vikram Ravindran. The case involves allegations of a Rs 1,000 crore money laundering operation linked to TASMAC.

A division bench, comprising Justices M S Ramesh and V Lakshminarayanan, responded to petitions filed by Baskaran and Vikram, who challenged the ED's actions. The petitioners have denied involvement in the TASMAC operations, questioning the legitimacy of the charges and the use of Section 17 of the PMLA against them.

The court found flaws in the ED's justification for the search and seizure operation, noting that the agency failed to present concrete evidence linking the petitioners to criminal activities. As a result, the bench ordered a stay on further proceedings and demanded the return of seized properties, while emphasizing the lack of incriminating evidence at the time of the authorized search.

(With inputs from agencies.)