Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
AT dismissed the appeal challenging a provisional attachment order under the PMLA, holding that the impugned properties constituted proceeds of crime derived from scheduled offences involving fraudulent loan obtainment. The Tribunal found the underlying decree was obtained ex parte, the bank suffered pecuniary loss, and a prima facie quid pro quo nexus existed through a contrived chain of transfers among interconnected accounts. Transfers to an intermediary and subsequent conveyance to the Appellant were held to be sham, with consideration routed back the same day, evidencing an attempt to disguise illicit receipts. Consequently the attachment was sustained as lawful and the appellate challenge unsustainable, and the appeal was dismissed.
AT dismissed the appeal challenging a provisional attachment order under the PMLA, holding that the impugned properties constituted proceeds of crime derived from scheduled offences involving fraudulent loan obtainment. The Tribunal found the underlying decree was obtained ex parte, the bank suffered pecuniary loss, and a prima facie quid pro quo nexus existed through a contrived chain of transfers among interconnected accounts. Transfers to an intermediary and subsequent conveyance to the Appellant were held to be sham, with consideration routed back the same day, evidencing an attempt to disguise illicit receipts. Consequently the attachment was sustained as lawful and the appellate challenge unsustainable, and the appeal was dismissed.
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