The case involves a dispute u/s 17(1) of the Prevention of Money ...

Seized property not proceeds of crime, gifted to avoid seizure. No prosecution complaint filed within 365 days. Appeal dismissed.

Case Laws Money Laundering

June 12, 2024

The case involves a dispute u/s 17(1) of the Prevention of Money Laundering Act, 2002 regarding the seizure of documents related to alleged fraudulent transactions. The Appellate Tribunal held that the seized property, gifted to the appellant, is considered proceeds of crime as it was transferred to avoid seizure. The failure to file a Prosecution Complaint within 365 days does not invalidate the seizure. The Act aims to freeze proceeds of crime, including property transferred to non-accused individuals. The Tribunal dismissed the appeal, emphasizing the legislative intent to prevent circumvention of the law in money laundering cases.

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The case involves a dispute u/s 17(1) of the Prevention of Money ...

Seized property not proceeds of crime, gifted to avoid seizure. No prosecution complaint filed within 365 days. Appeal dismissed.

Case Laws Money Laundering

June 12, 2024

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