Category: Economic Crimes

Inherited Guilt? Criminal Liability of Acquiring Companies for Pre-Merger Wrongs Under Indian Law

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-Arham Anwar When one company absorbs another through a merger or amalgamation, the acquiring entity inherits a great deal of assets, contracts, employees, and often, reputation. But what about sins of the past? If the target company committed criminal offences before the deal closed, does the acquirer step into the dock as well? Under Indian … Continue reading Inherited Guilt? Criminal Liability of Acquiring Companies for Pre-Merger Wrongs Under Indian Law

Trading Shadows: Money Laundering & Insider Deals in the Metaverse’s Legal Void

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-Advait Sharma and Bhadra Anil “In a world coded without consequence, shadows become the currency and silence the law.”  Introduction In any society where substantial transactions occur, be it in markets, industries, or the virtual world, in the absence of robust regulatory oversight, crime inevitably concurs to exploit the system or leverage it for greater … Continue reading Trading Shadows: Money Laundering & Insider Deals in the Metaverse’s Legal Void

Digital Platforms and Dirty Money:  Addressing Financial Non-Regulation within Social Media Platforms

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-Tanya Sara George Introduction As per a 2024 FATF report, most domestic money laundering operations are conducted through open sources and social media networks. Initially designed as neutral forums for communication under Section 2(w) of the IT Act of 2000, these platforms have evolved into dual-purpose entities, facilitating not just digital interactions but financial transactions. … Continue reading Digital Platforms and Dirty Money:  Addressing Financial Non-Regulation within Social Media Platforms

International Perspectives on Enforcement Case Information Report Disclosure:Upholding Fair Trial Rights in Money Laundering Cases

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- Hardik Kuldeep and Nishtha Chopra INTRODUCTION The question of whether the Enforcement Case Information Report [“ECIR”] should be mandatorily supplied to the accused has come up before the Supreme Court on numerous occasions. In Vijay Madanlal Choudhary v. Union of India, the apex court had ruled that not only the non-supply of ECIR but … Continue reading International Perspectives on Enforcement Case Information Report Disclosure:Upholding Fair Trial Rights in Money Laundering Cases

Shifting Sands: The Evolving Interpretations of Anticorruption Laws for Insolvency Resolution Professionals 

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- Raunaq Bali The fight against corruption hinges on the cornerstone: the definition of a ‘public servant’. Within the Prevention of Corruption Act, 1988 (hereinafter referred to as “the PC Act”), this seemingly straightforward term holds immense weight, determining who falls under its watchful gaze and who remains beyond its reach. However, this line in … Continue reading Shifting Sands: The Evolving Interpretations of Anticorruption Laws for Insolvency Resolution Professionals 

Assessing Enforcement Directorate’s Powers in Combating Money Laundering: Legal Analysis and Recent Judicial Developments

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                                            -By Gurman Narula “Economic offences, need to be viewed seriously and considered as grave offences affecting the economy of the country and thereby posing serious threat to the financial health of the country”.  This article critically examines the Enforcement Directorate's (ED) exercise of authority under the Prevention of Money Laundering Act (PMLA), delving into … Continue reading Assessing Enforcement Directorate’s Powers in Combating Money Laundering: Legal Analysis and Recent Judicial Developments

Attachment of Property, Freezing Orders, and PMLA Investigations: The Need for Reasonable Exclusions

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By Abhinav Sekhri In almost any prosecution, the property used to commit a crime becomes case property (a murder weapon). In some kinds of prosecutions, this extends to locking down the site of criminal acts (a brothel or a gaming house). There are also other prosecutions, such as those for money laundering, where a major focus is on identifying … Continue reading Attachment of Property, Freezing Orders, and PMLA Investigations: The Need for Reasonable Exclusions

Section 120A of the Indian Penal Code: At the Cusp of Civil and Criminal Jurisprudence

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By Pramothesh Mukherjee Two individuals enter into a contract of services, however, due to unforeseen circumstances, it so happens that the fulfilment of such contract turns out to be equally fruitless to both. They ‘agree to end’ the contract; as a result, neither party is obligated to perform their contractual duties. In essence, they agree … Continue reading Section 120A of the Indian Penal Code: At the Cusp of Civil and Criminal Jurisprudence

From A Peccadillo to Treason: How Counterfeiting Became a Terrorist Offence

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By Sehaj Cheema and Kuldeep Garg Although dubbed as the world’s ‘second oldest profession’, it was not until the 20th century that the potential of currency-counterfeiting as a strategic weapon was realized. An ingenious prong of Hitler’s offence against the British consisted of efforts at smuggling counterfeit currency into their territory, and therefore, economically destabilizing … Continue reading From A Peccadillo to Treason: How Counterfeiting Became a Terrorist Offence

Demand: Pre-Requisite for an Offence under the Prevention of Corruption Act

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By Neha Meena  Introduction The object of the Prevention of Corruption Act, 1988 is to make the laws stronger and more effective so as to prevent corruption and the matters connected with it. It is necessary to have clarity on the concept of demand of undue advantage by public servants because in most cases the … Continue reading Demand: Pre-Requisite for an Offence under the Prevention of Corruption Act

The Supreme Court Order in P. Chidambaram v. ED: Some Thoughts.

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By Abhinav Sekhri A Two Justices' Bench of the Supreme Court has decided the appeal filed by P. Chidambaram against an order of the Delhi High Court dismissing his plea for Anticipatory Bail in an ongoing investigation being conducted into what is being labelled as the "INX Media Scam" [Crl. Appeal 1340 of 2019, decided … Continue reading The Supreme Court Order in P. Chidambaram v. ED: Some Thoughts.

The Karnataka High Court’s Decision in the D.K. Shivakumar Case: Facets of PMLA Clarified.

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By Sameer Sharma Introduction Amidst recent developments in the INX Media case involving former Union Finance Minister Mr. P. Chidambaram relating to allegations of money-laundering, a new legal and political storm seems to have broken out with a politician from the South in the fray. Congress bigwig and their go-to troubleshooter in Karnataka, Mr. D.K. … Continue reading The Karnataka High Court’s Decision in the D.K. Shivakumar Case: Facets of PMLA Clarified.