AT affirmed provisional attachment of properties mortgaged by ...

Banks Lose Challenge to Property Attachment in Money Laundering Probe, Provisional Order Upheld Under PMLA Sections 8(5)-8(8)

May 2, 2025

Case Laws Money Laundering AT

AT affirmed provisional attachment of properties mortgaged by appellant banks in money laundering case. The tribunal recognized potential collusion between bank officials and loan recipients during 2010-2017. Banks were permitted to file claims under PMLA sections 8(5) to 8(8), with liberty to seek property auction and proportionate distribution of outstanding liabilities. The Adjudicating Authority's reasonable belief based on recorded statements and documents substantiated the provisional attachment order. Excess auction proceeds will be deposited as FDR with ED pending trial outcome. Appeal was disposed of, maintaining the original attachment order.

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AT affirmed provisional attachment of properties mortgaged by ...

Banks Lose Challenge to Property Attachment in Money Laundering Probe, Provisional Order Upheld Under PMLA Sections 8(5)-8(8)

May 2, 2025

Case Laws Money Laundering AT

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