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The AT dismissed the appeal challenging the provisional attachment order under the PMLA, holding that the appellants failed to satisfactorily disclose the sources of funds credited to their bank accounts. Evidence demonstrated that substantial amounts received by the appellants and related entities were proceeds of crime linked to fraudulent export activities. The appellants could not substantiate the legitimacy of the funds, nor provide credible documentation such as loan agreements or valid explanations for the transfers. The tribunal noted the close familial and transactional connections between the appellants and accused persons involved in money laundering. Given the lack of credible disclosure and the established nexus to criminal proceeds, the impugned attachment order was upheld, with no grounds for interference in favor of the appellants.
The AT dismissed the appeal challenging the provisional attachment order under the PMLA, holding that the appellants failed to satisfactorily disclose the sources of funds credited to their bank accounts. Evidence demonstrated that substantial amounts received by the appellants and related entities were proceeds of crime linked to fraudulent export activities. The appellants could not substantiate the legitimacy of the funds, nor provide credible documentation such as loan agreements or valid explanations for the transfers. The tribunal noted the close familial and transactional connections between the appellants and accused persons involved in money laundering. Given the lack of credible disclosure and the established nexus to criminal proceeds, the impugned attachment order was upheld, with no grounds for interference in favor of the appellants.
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