The myth that only big ticket scams are covered under PMLA is nothing but living in a fool's paradise. Under PMLA, committing any offenses as specified in the Part A and Part C of the Schedule of PMLA, will invoke the provisions of PMLA. Some of the Acts and offences, which may attract PMLA, are enumerated herein below:

  • An offence which is the offence of Cross Border implications and is specified in Part A of Schedule under PMLA, or
  • The offences against property under Chapter XVII of the Indian Penal Code is applicable, involving cross border implications.
  • Offences under the
    • The Indian Penal Code, 1860 including offences relating to Cheating, Counterfeiting of Government stamps, Dishonest or Fraudulent removal or Concealment of Property to prevent distribution among creditors, dishonestly or fraudulently preventing debt being available for creditors, Dishonest or Fraudulent execution of deed of transfer containing false statement of consideration;
       
    • Offences under the Narcotic Drugs and Psychotropic Substances Act, 1985;
    • Offences under the Prevention of Corruption Act, 1988;
    • Offences under the Securities and Exchange Board of India Act, 1992 including offences relating to
      • Prohibition of manipulative and deceptive devices, Insider Trading and substantial Acquisition of securities or control.
         
    • Offences under the Customs Act, 1962 relating to evasion of duty or prohibitions;
    • Offences under the Emigration act, 1983
       
    • Offences under the Foreigners act, 1946
    • Offences under the Antiquities and Arts Treasures Act, 1972
    • Offences Under The Copyright Act, 1957, including
    • Offence of infringement of copyright or other rights conferred by Copyright Act.
    • Knowing use of infringing copy of computer programme;
    • Offences under the Trade Marks Act, 1999 including
    • Application of false trademarks, trade descriptions, etc.
    • Selling goods or providing services to which false trademark or false trade description is applied.
    • Falsely representing a trade mark as registered.
    • Abetment in India of acts done out of India.
    • Offences under The Information Technology Act, 2000, including
    • Breach of confidentiality and privacy,
    • Offence or contravention committed outside India.
    • Offences under the Suppression of Unlawful Acts Against Safety of Maritime Navigation and Fixed Platforms on Continental Shelf Act, 2002.

You may also refer to the following link for details on anti-money laundering (AML) laws in India: http://moneylaundering.legal .

*Vijay Pal Dalmia, Advocate & Partner Vaish Associates Advocates
Email: vpdalmia@vaishlaw.com   Mobile: 09810081079

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