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2019 (8) TMI 11 - AT - Money LaunderingMoney Laundering - Attachment of immovable properties - proceeds of Crime - remuneration paid to appellants as a director of M/s Bharathi Cement Corporation Private Limited, in the year 2009 after the commissioning of the plant - validity of remuneration paid. HELD THAT:- There is no evidence on record that the sale consideration paid for the purchase of the aforesaid Immovable Properties was obtained from illegal sources - There are no findings against the majority shareholder of M/s Bharathi Cement Corporation Private Limited concerning any apprehended involvement in any of the alleged illegal activities either in the present proceedings or in the proceedings of the CBI. The bona fides of the purchase of shares by PARFICIM, France, has not been questioned or challenged either by the CBI in the charge sheet filed by them or in the PAO itself, and further that there is not even a single averment on the source of the money used by the Appellant to purchase the shares of M/s Bharathi Cement Corporation Private Limited - In absence of any question on the source of funds used for purchase of the shares by the Appellant and in absence of any question on the bona fides of the purchase made by PARFICIM, France to whom the Appellant sold his shares, the money earned by the Appellant cannot be classified as ‘proceeds of crime’. No case of continuation of attachment of properties of the appellant is made out - As far as allegations of CBI are concerned, this tribunal does not wish to express any opinion on merit. Appeal allowed - decided in favor of appellant.
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