Bengaluru Court Convicts Former Excise Officer and Daughter in Money Laundering Case
A Bengaluru court has convicted a former excise officer and his daughter in a significant money laundering case, ordering asset seizures.
Bengaluru, October 16 (Daily Kiran) : A special court in Bengaluru has delivered a significant verdict in a money laundering case, convicting former excise officer M. Ramachandra and his daughter R. Yureka. The ruling, handed down on October 14, found both guilty under the Prevention of Money Laundering Act (PMLA).
The court, presided over by the 47th Additional City Civil and Sessions Judge, ordered the seizure of five properties in favor of the central government, emphasizing that the crime posed a threat to society as a whole.
M. Ramachandra, identified as accused number one, received a sentence of five years in rigorous imprisonment along with a fine of ₹5 lakh. If he fails to pay the fine, he faces an additional two years of simple imprisonment. His daughter, R. Yureka, as accused number two, was sentenced to three years of rigorous imprisonment and fined ₹3 lakh, with a one-year simple imprisonment penalty for non-payment.
The case traces back to an FIR filed on July 7, 2009, by the Karnataka Lokayukta police under Section 13(1)(e) of the Prevention of Corruption Act. The Enforcement Directorate (ED) registered an Enforcement Case Information Report on October 26, 2009. The Lokayukta charge sheet included a review period from July 1, 1977, to July 8, 2009.
In March 2016, the ED provisionally attached eight properties valued at ₹1,09,39,539 and filed a prosecution complaint in June of that year. Previously, M. Ramachandra had been convicted under the Corruption Act, receiving a three-year sentence and a fine of ₹50 lakh, with the trial court finding that he possessed assets worth ₹42,48,188.50, significantly exceeding his known income.
The court stated that the charges against both defendants under Sections 3 and 4 of the PMLA were proven beyond reasonable doubt. The court also noted that the defendants failed to refute allegations regarding the funding of construction projects and property acquisitions.
Citing the Supreme Court‘s Vijay Madanlal Choudhary ruling, the court reinforced its confidence in the original case verdict. It highlighted that all excess assets in cases of disproportionate wealth are considered proceeds of crime.
The court emphasized that money laundering is an ongoing crime. The act continues as long as the proceeds are retained or presented as legitimate. Accused number two was found to have intentionally assisted in holding properties purchased with criminal proceeds.
In sentencing, the court recognized the deep societal impact of this white-collar crime but also took into account the age of accused number one, who is approximately 72 years old, and the family circumstances of accused number two.
