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AT upheld the provisional attachment order under PMLA, finding the appellant failed to disclose the source of funds for property acquisition valued at Rs. 24 lakhs. The tribunal determined the property was purchased through fraudulent means, with significant undervaluation and suspicious financial transactions. The appellant, despite being a legal professional, could not substantiate the legitimate origin of funds. The court rejected arguments about property valuation and confirmed the attachment, emphasizing the obligation to demonstrate transparent fund sources. Consequently, the appeal was dismissed, maintaining the original attachment order as proceeds of crime under section 8(1) of the PMLA.
AT upheld the provisional attachment order under PMLA, finding the appellant failed to disclose the source of funds for property acquisition valued at Rs. 24 lakhs. The tribunal determined the property was purchased through fraudulent means, with significant undervaluation and suspicious financial transactions. The appellant, despite being a legal professional, could not substantiate the legitimate origin of funds. The court rejected arguments about property valuation and confirmed the attachment, emphasizing the obligation to demonstrate transparent fund sources. Consequently, the appeal was dismissed, maintaining the original attachment order as proceeds of crime under section 8(1) of the PMLA.
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TaxTMI 
TaxTMI 
of 4915 
