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The AT upheld the freezing of 55 bank accounts and seizure of digital devices and documents linked to the appellant, who was found complicit in issuing fake cash receipts and receiving proceeds of crime amounting to Rs. 126 Crores. The appellant manipulated company records and benefited from bounced cheques deposited into personal and associates' accounts. The Tribunal found no illegality in the impugned order, noting the appellant's involvement was established through witness statements and investigation, despite the initial FIR naming only the company's MD. The appellant's claim of being a Commission Agent lacked documentary support and was dismissed as an attempt to conceal proceeds of crime. The Tribunal allowed limited operation of the frozen accounts, restricting access to amounts not exceeding the proceeds involved. The appeals were dismissed with no interference, affirming the measures taken to prevent layering of criminal proceeds and protect investor interests.
The AT upheld the freezing of 55 bank accounts and seizure of digital devices and documents linked to the appellant, who was found complicit in issuing fake cash receipts and receiving proceeds of crime amounting to Rs. 126 Crores. The appellant manipulated company records and benefited from bounced cheques deposited into personal and associates' accounts. The Tribunal found no illegality in the impugned order, noting the appellant's involvement was established through witness statements and investigation, despite the initial FIR naming only the company's MD. The appellant's claim of being a Commission Agent lacked documentary support and was dismissed as an attempt to conceal proceeds of crime. The Tribunal allowed limited operation of the frozen accounts, restricting access to amounts not exceeding the proceeds involved. The appeals were dismissed with no interference, affirming the measures taken to prevent layering of criminal proceeds and protect investor interests.
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