SupremeCourt hears a batch of petitions raising questions on the power of PMLA regarding search, seizure etc and also challenges the constitutionality of several Prevention of Money laundering Act
Sr Adv Kapil Sibal: PMLA is a purely penal statute.
Sibal: The court came to the conclusion that a chargesheet has to be filed. Wrong test to apply. The exercise of powers of an official will not depend on the nature of the outcome... However, because pmla is a penal statue, we don't have to go in the question at all
Sibal: PMLA must presume as matter of law, that crpc is estd for purpose of life and liberty. CrPC prescribes two methods of investigation.Cognisable and non cognisable..Under PMLA no such procedure..Neither FIR neither 155. So how can you have a penal statue in absence of procedure