The Appellate Tribunal set aside the Provisional Attachment ...

Money laundering case stumbles: Tribunal overturns attachment order based on unrelated FIR allegations.

December 6, 2024

Case Laws     Money Laundering     AT

The Appellate Tribunal set aside the Provisional Attachment Order passed under the Prevention of Money Laundering Act, 2002. The order was found unsustainable as it was based on allegations from an initial FIR that pertained to undervaluation of reserve price during an auction, which had already been held erroneous by the Additional Sessions Judge and the Bombay High Court. The attachment order stemmed from a separate 2019 FIR regarding irregularities in cooperative societies' lending and borrowing practices, unconnected to the facts of the initial FIR relied upon. Consequently, the appeal against the Provisional Attachment Order was allowed.

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