CIRP - applicability of provisions of PMLA - Provisional ...

Court Clarifies PMLA's Role in CIRP: Evidence Needed to Classify Properties as Crime Proceeds Under Provisional Attachment.

February 27, 2023

Case Laws Insolvency and Bankruptcy HC

CIRP - applicability of provisions of PMLA - Provisional attachment order - Merely because the impugned order records alleged fraudulent transactions and diversion of funds, it cannot automatically lead to a conclusion that the properties acquired by the petitioners are proceeds of crime. In order to arrive at a conclusion that ‘reason to believe’ exists, there must be some material to suggest such formation of opinion. - HC

View Source

← Previous Next →

CIRP - applicability of provisions of PMLA - Provisional ...

Court Clarifies PMLA's Role in CIRP: Evidence Needed to Classify Properties as Crime Proceeds Under Provisional Attachment.

February 27, 2023

Case Laws Insolvency and Bankruptcy HC

You may also like:

This summary pertains to a case involving the grant of regular bail in a money laundering case related to proceeds of crime from a scheduled offence of cheating and...

The High Court dismissed the petitions seeking to quash the criminal complaint under the Prevention of Money-Laundering Act, 2002 (PMLA). The petitioners argued that the...

The High Court affirmed the independence of proceedings under the PMLA, clarifying that while the outcome of the scheduled offense may have some bearing on the PMLA...

The High Court held that forceful possession of property can be considered proceeds of crime u/s 2(1)(u) of PMLA. Money laundering involves any activity connected with...

Proceeds of crime include illegal gratification obtained through corrupt activities, even before the amendment to Section 3 of the Prevention of Money Laundering Act...

The High Court dismissed the petition challenging the complaint filed under the Prevention of Money Laundering Act (PMLA) for customs duty evasion. The court held that...

HC ruled petitioner's arrest for money laundering under PMLA illegal. Court found ED failed to establish "reason to believe" standard required under Section 19(1) PMLA....

In the absence of a scheduled offence/predicate offence, proceedings under the PMLA cannot be sustained. An accused assisting in concealment or use of proceeds of crime...

Appellants challenged the provisional attachment of their immovable and movable properties under the Prevention of Money Laundering Act (PMLA), alleging lack of evidence...

Seeking grant of Regular Bail - Money Laundering - proceeds of crime - predicate offence - subsidy fraud in IFFCO by opening Kisan International Trading - The Delhi High...

Money laundering case involving scheduled offence and proceeds of crime. Trust property attached under PMLA despite Trust being bona fide receiver without knowledge of...

Money laundering case involving public funds looted through apps promising high returns. Petitioner argued trial court failed to consider evidence, violated natural...

HC quashed the ECIR and summons issued to the petitioner under PMLA, finding no evidence of money laundering. The court determined that sites granted as compensation,...

AT determined that provisional property attachment under PMLA was invalid where appellants lacked possession of crime proceeds. While "proceeds of crime" broadly...

Proceeds of crime encompass any property derived from criminal activity related to scheduled offenses, including property held abroad equivalent to domestic assets....

Quick Updates: