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2019 (4) TMI 249 - AT - Money LaunderingPrevention of Money Laundering - retain the records without recording any ‘reason to believe’ - HELD THAT:- In the present case, the statutory obligations laid down in section 20 (1), 20(2), 20 (4) and 21(4) of PMLA have not been complied with. An attempt has been made to retain the records without recording any ‘reason to believe’. The provisions of section 8 (3) (a) provides that the attachment or retention of property or record seized shall continue during the investigation for a period not exceeding ninety days. The said prescribed period has already been expired as more than a year has already elapsed but the properties and records have not been returned so far which is in clear violation of the provisions of PMLA. No prosecution complaint has been filed against the Appellant. In the light of above, the present appeal is allowed. The impugned order is set-aside pertaining the appellant. The application filed by the respondent under Section 17(4) for retention of documents is dismissed accordingly. The document/records shall be returned to the appellant by the respondent forthwith.
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