The AT examined the attachment of properties under PMLA in a ...

Properties Attached Under PMLA Remain Seized Despite Mortgage, Ownership Claims Upheld on Proceeds Equivalent Basis

May 14, 2025

Case Laws Money Laundering AT

The AT examined the attachment of properties under PMLA in a money laundering case. The tribunal held that properties can be attached even if mortgaged, as the appellants retain potential transfer rights. The ED's attachment was deemed valid since the original proceeds of crime were untraceable, and the attached properties represented equivalent value. The tribunal emphasized that PMLA's objective is to reach proceeds of crime regardless of nominal ownership. The court rejected arguments for property release or substitution, noting the fraud's quantum exceeded attached property values. Ultimately, the appellate tribunal dismissed the appeal, affirming the enforcement agency's attachment proceedings and maintaining the properties' status under PMLA's broad interpretative framework.

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The AT examined the attachment of properties under PMLA in a ...

Properties Attached Under PMLA Remain Seized Despite Mortgage, Ownership Claims Upheld on Proceeds Equivalent Basis

May 14, 2025

Case Laws Money Laundering AT

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