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AT dismissed the appeal regarding provisional attachment under Benami law. The property in question was already attached by ED under PMLA provisions. While criminal proceedings were initiated, neither the proprietor of RK Emporium nor Respondent 2 faced prosecution under PMLA. The tribunal distinguished between Benami transactions and money laundering, noting their distinct statutory parameters under PBPTA and PMLA. Investigation revealed funds were transferred from Yashawini Exports, controlled by a third party, not by the alleged beneficial owner. This finding contradicted the core premise of the Benami allegation, leading to dismissal of the attachment order.
AT dismissed the appeal regarding provisional attachment under Benami law. The property in question was already attached by ED under PMLA provisions. While criminal proceedings were initiated, neither the proprietor of RK Emporium nor Respondent 2 faced prosecution under PMLA. The tribunal distinguished between Benami transactions and money laundering, noting their distinct statutory parameters under PBPTA and PMLA. Investigation revealed funds were transferred from Yashawini Exports, controlled by a third party, not by the alleged beneficial owner. This finding contradicted the core premise of the Benami allegation, leading to dismissal of the attachment order.
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