The accused denied bail over alleged GST credential misuse to commit Rs.1,09,11,404 fraud involving multiple proprietorships; investigation to continu...
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The AT dismissed the appeals; the provisional attachment orders under PMLA s.5(1) are upheld. The Tribunal held provisos to s.5(1) must be read with the main provision and permits attachment of property as "value thereof" even when the second proviso is invoked. Because money laundering requires proceeds of crime, a property acquired pre-offence may nonetheless remain attached where prima facie material suggests layering by a relative; however, final determination awaits the complete predicate investigation. The Directorate's restrained approach in securing a single property was endorsed. The appellants failed to produce corroborative evidence to rebut the attachments; consequently the appeals are dismissed and the properties remain secured pending further proceedings.
The AT dismissed the appeals; the provisional attachment orders under PMLA s.5(1) are upheld. The Tribunal held provisos to s.5(1) must be read with the main provision and permits attachment of property as "value thereof" even when the second proviso is invoked. Because money laundering requires proceeds of crime, a property acquired pre-offence may nonetheless remain attached where prima facie material suggests layering by a relative; however, final determination awaits the complete predicate investigation. The Directorate's restrained approach in securing a single property was endorsed. The appellants failed to produce corroborative evidence to rebut the attachments; consequently the appeals are dismissed and the properties remain secured pending further proceedings.
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