AT upheld the provisional attachment order under PMLA, ...

Money Laundering: Properties Attached as Proceeds of Crime Under PMLA Sections 5 and 8 Despite Pre-offense Purchase

February 20, 2025

Case Laws Money Laundering AT

AT upheld the provisional attachment order under PMLA, dismissing appellants' challenge. The tribunal found authorities had properly recorded satisfaction under sections 5 and 8, rejecting claims of procedural violations. Properties purchased before the predicate offense were validly attached as representing proceeds of crime value. Despite appellants' claim of utilizing funds for legitimate business purposes in April 2008, AT maintained attachment was justified while criminal proceedings remained pending. Properties could be attached regardless of whether appellants were charged with scheduled offenses, as long as evidence showed proceeds of crime connection. The retrospective application of PMLA was deemed constitutionally valid as attachment constitutes civil action. Canara Bank's interests were noted as resolved following loan closure.

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AT upheld the provisional attachment order under PMLA, ...

Money Laundering: Properties Attached as Proceeds of Crime Under PMLA Sections 5 and 8 Despite Pre-offense Purchase

February 20, 2025

Case Laws Money Laundering AT

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