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

Unexplained cash deposits, property acquisitions deemed proceeds of crime despite acquittals; tribunal upholds attachment.

December 6, 2024

Case Laws Money Laundering AT

The Appellate Tribunal dismissed the appeal, upholding the attachment of properties under the Prevention of Money Laundering Act (PMLA) 2002. Despite acquittals in some cases, the Enforcement Case Information Report (ECIR) and cognizance of the money laundering offence remained against the accused. The irregular cash deposits in bank accounts, failure to disclose the source of cash used for property acquisitions, and the routing of funds through multiple persons without justification, led the Adjudicating Authority to conclude that the properties were acquired from proceeds of crime. The Income Tax Returns did not sufficiently establish the lawful source of income. The Tribunal found no reason to interfere with the order attaching the properties.

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

Unexplained cash deposits, property acquisitions deemed proceeds of crime despite acquittals; tribunal upholds attachment.

December 6, 2024

Case Laws Money Laundering AT

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