Indian authorities have convicted four individuals for offenses committed under the country’s Prevention of Money Laundering Act (PMLA), 2002. The convicts have been sentenced to three years in jail, with a fine of Rs. 5,000 ($62.78) each.
During 2002-11, the convicts defrauded various suppliers of ₹27.7 million ($350k) by purchasing goods using post-dated checks that were subsequently dishonored when presented to the respective banks.
The Enforcement Directorate (ED) of India had previously attached movable and immovable properties related to the proceeds of this crime. These properties are collectively valued at ₹7.1 million ($89k). The Court has now ordered for the confiscation of these properties under PMLA, 2002.
Source: Enforcement Directorate, India