The Appellate Tribunal addressed two key issues: 1) The duration ...

Appellate Tribunal rules on property retention & Adjudicating Authority constitution under PMLA. Excluded Covid-19 period not counted. Single-member bench competence upheld. Appeal dismissed.

Case Laws Money Laundering

July 3, 2024

The Appellate Tribunal addressed two key issues: 1) The duration for which property can be retained u/s 20(3) of PMLA, 2002, and 2) The constitution of the Adjudicating Authority. The Tribunal found that the Adjudicating Authority exceeded the 180-day limit for retaining seized property due to Covid-19 related extensions. Citing precedents, the Tribunal ruled that the excluded period from 15.03.2020 to 28.02.2022 should not count towards the 180-day limit. Additionally, it upheld the competence of a single-member bench as the Adjudicating Authority based on judgments from Calcutta High Court and Telangana High Court. The appeal was dismissed for lacking merit.

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The Appellate Tribunal addressed two key issues: 1) The duration ...

Appellate Tribunal rules on property retention & Adjudicating Authority constitution under PMLA. Excluded Covid-19 period not counted. Single-member bench competence upheld. Appeal dismissed.

Case Laws Money Laundering

July 3, 2024

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