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2019 (8) TMI 1380 - AT - Money LaunderingOffence under PMLA - HELD THAT:- The Aim and Object of the Prevention of Money Laundering Act, 2002 is to find out property derived or obtained by any person as a result of criminal activity relating to a scheduled offence and to attach, freeze and confiscate the same subject to the trial under the Prevention of Money Laundering Act, 2002, so that the property cannot be laundered further, which is derived or obtained as a result of criminal activity. Recover the Proceeds of Crime from the person alleged to have holding the same. Without prejudice to the rights and contention of the appellant, the appellant is ready and willing to secure the interest of Enforcement Directorate by “Fixed Deposit Receipt” of any Nationalized Bank equivalent to an amount with the respondent by way of F.D. No doubt, this tribunal has allowed the similar prayer in number of appeals and even in few appeals, the respondent has given his consent.
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