The Appellate Tribunal dismissed the appeal, upholding the ...

Money laundering case: Bank accounts used as 'parking place' for crime proceeds, Tribunal upholds asset freeze.

December 6, 2024

Case Laws     Money Laundering     AT

The Appellate Tribunal dismissed the appeal, upholding the Provisional Attachment Order (PAO) under the Prevention of Money Laundering Act (PMLA). The court held that the requirement of filing a Prosecution Complaint within 90 days of the confirmation of the PAO, as per Section 8(3)(a) of PMLA, was met as the initial Prosecution Complaint was filed before the impugned order confirming the PAO. The filing of a supplementary complaint later, naming the appellant as an accused, did not impact the validity of the PAO, as the objective of PMLA is to immobilize the proceeds of crime, irrespective of it being in the hands of the accused or any other person, until confiscation. The appellant's bank accounts provided a 'parking place' for the proceeds of crime.

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