The Appellate Tribunal set aside the impugned order of the ...

Tribunal sets aside property attachment under Money Laundering Act for non-compliance with notice requirements.

Case Laws     Money Laundering

November 18, 2024

The Appellate Tribunal set aside the impugned order of the Adjudicating Authority attaching immovable properties under the Prevention of Money Laundering Act, 2002 (PMLA) due to non-compliance with Section 8(1) requirements. The Tribunal held that the "reasons to believe" recorded in writing must be conveyed to the appellant along with the notice issued by the Adjudicating Authority u/s 8(1) of the Act. However, in this case, the appellant was not provided a copy of the "reasons to believe" while issuing the notice. The Tribunal remanded the matter back to the Adjudicating Authority to initiate de novo proceedings from the stage of submitting notice to the appellant along with the "reasons to believe" to enable the appellant to file a proper reply.

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