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Money Laundering an Act of Financial Terrorism, Poses Threat To Sovereignty, Integrity Of Nation: Orissa HC

“The offence of Money Laundering is nothing but an act of financial terrorism that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation”, observed the Orissa High Court on Monday. Justice S. K. Panigrahi was hearing a bail plea of a director of a company, accused of involvement in laundering of sums of money accumulated under “a bodacious Ponzi scheme (floated by another company, namely, M/s. Fine Indisales Pvt. Ltd), inducing susceptible depositors by way of misrepresentation, promising immediate refund in case of any default and timely payment of return”, with a “terminal ulterior motive to siphon off the funds collected from public”. Naming it an “economic demonology”, the Single bench lamented that the “windfall gain of about Rs.703 crores” so made is “stained with the sweat, tears and blood of multitudes of innocent people”.

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