India, July 7 -- PRAYAGRAJ The Allahabad high court has held that assets purchased from unknown sources of income cannot be presumed to be derived from proceeds of crime provided in the Prevention of Money Laundering Act, 2002.

"A person may have assets derived from unknown source of income, however, that by itself cannot be presumed that the aforesaid assets are derived from schedule offence, the high court said.

With this observation, Justice Vikram D Chauhan granted bail to one Sanjay Kumar alias Sanjay Dhiman, an accused in a money laundering case registered under the PMLA Act, holding that, at the stage of considering bail, the prosecution had not sufficiently demonstrated identifiable proceeds of crime arising from a scheduled off...