AT determined that provisional property attachment under PMLA ...

PMLA Attachment Order Invalid: Tribunal Rules Actual Possession of Crime Proceeds Required, Not Just Theoretical Connection.

January 24, 2025

Case Laws Money Laundering AT

AT determined that provisional property attachment under PMLA was invalid where appellants lacked possession of crime proceeds. While "proceeds of crime" broadly encompasses property derived directly/indirectly from criminal activity and equivalent-value property, authorities must establish actual possession or likelihood of concealment/transfer. The tribunal found no evidence that appellants held proceeds or intended to transfer them. Additionally, pre-existing Company Law Board restrictions already prevented property transfers without Conciliation Board consent. The appeal challenging the attachment failed as authorities could not demonstrate the basic statutory requirements u/s 5(1) PMLA regarding possession or control of proceeds of crime. Appeal dismissed with the finding that mere theoretical connection to proceeds is insufficient for provisional attachment.

View Source

← Previous Next →

AT determined that provisional property attachment under PMLA ...

PMLA Attachment Order Invalid: Tribunal Rules Actual Possession of Crime Proceeds Required, Not Just Theoretical Connection.

January 24, 2025

Case Laws Money Laundering AT

You may also like:

The High Court held that forceful possession of property can be considered proceeds of crime u/s 2(1)(u) of PMLA. Money laundering involves any activity connected with...

Respondents initiated action under Prevention of Money Laundering Act (PMLA) based on alleged illegal sand mining generating proceeds of crime, without specifying...

Proceeds of crime include illegal gratification obtained through corrupt activities, even before the amendment to Section 3 of the Prevention of Money Laundering Act...

Money laundering - scheduled offences or not - proceeds of crime - offences under various sections of the Income-tax Act, 1961, in conjunction with sections of the...

Money Laundering - Proceeds of crime - attachment of moveable property of the appellant - The tribunal analyzed PMLA Section 5(1), determining that attachment requires...

Scheduled offence is a prerequisite for initiating proceedings under the Prevention of Money Laundering Act (PMLA). The offence of money laundering u/s 3 of PMLA...

Money Laundering - schedule offence - proceeds of crime - Section 44(1) of PMLA - On analysing the report of I.T. Department and the reasoning given by CBI while...

The AT upheld the provisional attachment order u/s 5 of the PMLA, rejecting the appellant's contentions. It held that there was sufficient reason to believe the...

The High Court dismissed the petition challenging the complaint filed under the Prevention of Money Laundering Act (PMLA) for customs duty evasion. The court held that...

In the absence of a scheduled offence/predicate offence, proceedings under the PMLA cannot be sustained. An accused assisting in concealment or use of proceeds of crime...

This summary pertains to a case involving the grant of regular bail in a money laundering case related to proceeds of crime from a scheduled offence of cheating and...

Grant of bail - Money Laundering - illegal mining - The High Court found sufficient grounds under PMLA for the charges, as the proceeds of the crime were derived...

Proceeds of crime and legality of petitioner's arrest under PMLA for alleged illegal mining were examined. Grounds of arrest and reasons to believe were based solely on...

Money laundering offences encompass various processes and activities related to dealing with proceeds of crime, directly or indirectly, beyond just the final act of...

Seeking grant of Regular Bail - Money Laundering - proceeds of crime - predicate offence - subsidy fraud in IFFCO by opening Kisan International Trading - The Delhi High...

Quick Updates: