AT allowed the appeal, finding that the appellant bank had ...

Bank Successfully Challenges Money Laundering Asset Freeze, Recovers Rs. 25 Crore and Restores Frozen Accounts Under PMLA Section 8

May 17, 2025

Case Laws     Money Laundering     AT

AT allowed the appeal, finding that the appellant bank had restored Rs. 25 Crore to the complainant with interest, and the Sessions Court had previously ordered defreezing of eleven bank accounts. The tribunal held that attachment under PMLA is designed to prevent concealment of proceeds of crime, but where the actual owner has compensated the victim, such attachment may be reconsidered. The ED's appropriated funds in FDRs were ordered released to the appellant bank. The ruling emphasized that the decision would not prejudice ongoing criminal proceedings, preserving all parties' rights in subsequent legal actions.

View Source