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2017 (8) TMI 1011 - AT - Money LaunderingProvisional attachment of property under PMLA - eligible connections - Held that:- The appellant did not have any nexus with the accused Saradha Group of Companies, that they did not know about the criminality attached to the subject payments received in terms of the co-sponsorship agreement between the parties and that the appellant is a bona fide receiver of the payments in good faith and for valuable consideration provided. It is accordingly held that the subject property in the hands of the appellant i.e amount of ₹ 32,11,797/- lying in the appellants Bank Account as on 25.09.2014, which was attached in this case and confirmed under the impugned order is not the proceeds of crime and is therefore, not liable to provisions of attachment and confirmation under PMLA. Consequently, the appeal is allowed and provisional attachment order dated 29.10.2014 to the extent of provisional attachment of subject property and the impugned order dated 03.03.2015 to the extent of confirming the attachment of the said amount are set aside with consequential relief to the appellant.
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