The AT upheld the attachment of shares in a money laundering ...

Share Attachment Upheld: Bribe Money Routed Through Equity Transactions Confirms Money Laundering Under PMLA Section 3

April 23, 2025

Case Laws Money Laundering AT

The AT upheld the attachment of shares in a money laundering case, finding that the appellant routed bribe money through share purchases related to the Agusta Westland transaction. The tribunal determined that the relevant time for assessing money laundering is when the Enforcement Directorate discovers the crime, not the date of the predicate offence. The court emphasized that the appellant's actions involved channelizing proceeds of crime through strategic share acquisitions, thereby establishing a clear money laundering nexus. The evidence demonstrated a deliberate mechanism to transfer illicit funds through equity transactions. Consequently, the tribunal rejected the appellant's challenge to the share attachment, confirming the Enforcement Directorate's actions as legally valid under the Prevention of Money Laundering Act. Appeal dismissed.

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The AT upheld the attachment of shares in a money laundering ...

Share Attachment Upheld: Bribe Money Routed Through Equity Transactions Confirms Money Laundering Under PMLA Section 3

April 23, 2025

Case Laws Money Laundering AT

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