In this case, the appellant had approached the apex court against the judgment of the Madras High Court which had dismissed his petition under Section 482 of the Criminal Procedure Code for quashing of PMLA proceedings.
The appellant, a managing partner in a sand mining partnership firm since 2013, had deposited around ₹300 crores in three bank accounts of the firm. In 2016, Income Tax Department raided the premises of the appellant and seized currency amounting to ₹106.9 crores and 128.495 kg of gold (valued at ₹36.7 crore).
Subsequently, a case was registered by the Central Bureau of Investigation (CBI) against the appellant under Sections 120B (Punishment for Criminal Conspiracy), 409 (Criminal breach of trust by public, servant. or by banker, merchant or agent) and 420 (Cheating and dishonestly inducing delivery of property) of the Indian Penal Code, 1860 and Prevention of Corruption Act, 1988.
Source: Barandbench
