The Delhi High Court allowed the application regarding money ...

Substitution of attached property with a bank guarantee in money laundering case allowed. Bank guarantee to be renewed till trial conclusion.

Case Laws Money Laundering

June 3, 2024

The Delhi High Court allowed the application regarding money laundering and provisional attachment of property. The court ordered the substitution of the attached property, a land worth Rs. 4,68,60,710/-, with a bank guarantee of equivalent amount to be provided by the petitioner within 15 days. The bank guarantee will have a lien in favor of the respondent and will be kept active through periodic renewals until the trial concludes. If the respondents succeed, they can encash the bank guarantee. The petitioner must submit an affidavit undertaking not to create any interest in the bank guarantee for any other party. This decision aligns with Supreme Court precedents allowing substitution of attached property with financial instruments.

View Source

← Previous Next →

The Delhi High Court allowed the application regarding money ...

Substitution of attached property with a bank guarantee in money laundering case allowed. Bank guarantee to be renewed till trial conclusion.

Case Laws Money Laundering

June 3, 2024

You may also like:

The Appellate Tribunal addressed issues related to money laundering, proceeds of crime from smuggling narcotics and running extortion rackets. The case involved double...

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

Amendment of section 281B. - Attachment of property - Assessing Officer shall revoke attachment of property made under sub-section (1) in a case where the assessee...

Money laundering case involving attachment of properties. Appellant argued property was acquired prior to offense, hence cannot be attached. Court rejected contention,...

Prevention of Money-laundering (Restoration of Confiscated Property) Amendment Rules, 2019

Money laundering case involving proceeds of crime from scheduled offence of conspiracy to siphon crores of rupees deposited by innocent bank depositors. Key points:...

Money Laundering - Release of attached property - exercise of the powers of confiscation or release of the attached property by this Appellate Tribunal is beyond the...

Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

Invocation of Bank Guarantee allowing the Application of the Resolution Professional - Performance Bank Guarantee or not - as per the facts of this case, the Bank...

If a banker issues a bank guarantee without taking 100% cash security in respect thereof, then such banker is extending a credit facility out of public money. If such a...

Scheduled offence is a prerequisite for initiating proceedings under the Prevention of Money Laundering Act (PMLA). The offence of money laundering u/s 3 of PMLA...

Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

Seeking release of attached property and to restore possession - property of Corporate Debtor who is not a financial establishment as defined under Section 2(e) WBPIDFE...

Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Money changing activities - Circular

Quick Updates: