PREVENTIONS OF MONEY LAUNDERING ACT, 2002 (PML Act) –
Section 45: The Code of Criminal Procedure, 1973 allows individuals to be released on bail or bond if the Public Prosecutor opposes the application.
However, individuals under sixteen, women, sick or infirm, or accused of less than one crore rupees can be released on bail.
Section 50: The Director of Investigation has similar powers as a civil court, including discovery, inspection, attendance, witness examination, and record requirements. They can summon witnesses and produce records, but require approval for longer retention.
INDIAN PENAL CODE, 1860 (IPC) –
Sections 420: Cheating or deceiving someone of property or valuable security can result in imprisonment for up to seven years and a fine, and can also lead to damage.
Section 406: Trust breach can result in imprisonment for up to three years, a fine, or both. Section 409: If a public servant or businessman commits a criminal breach of trust in property, they may face life imprisonment or ten-year imprisonment, and may also face a fine for stealing property.
Section 421: Dishonestly or fraudulently removing, concealing, or transferring property without proper consideration to prevent distribution among creditors may result in imprisonment, a fine, or both, with the potential for up to two years in prison.
Section 465: Forgery can result in imprisonment for up to two years, a fine, or both.
Section 471: Fraudulent or dishonest individuals who use forged documents or electronic records as genuine will face the same punishment as if they had forged them.
RESERVE BANK OF INDIA ACT, 1934 Section 45S: Deposits not to be accepted in certain cases