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Convicted in PMLA case, importer gets 7-yr jail term
Four years after the Enforcement Directorate (ED) arrested K Liakath Ali, city-based importer, for money laundering, the court has convicted and sentenced him to seven years imprisonment and also slapped a fine of Rs 1 crore.
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Chennai
He should spend another year behind bars if he failed to pay the fine, said a note from the investigation agency. Ali was arrested in 2017 under the provisions of PMLA for making foreign outward remittance of USD 28 lakh, about Rs 18.66 crore, through Indian Bank, Thousand Light Branch, Chennai. He opened a current account in the name of Galaxy Impex company by submitting forged identity documents and the transfer was done without disclosing the beneficial owner either within the country or abroad, the agency said in the note.
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