Central Government appoints multiple Registrars of Companies with territorial jurisdictions under Section 396, Companies Act, 2013, effective 1 Januar...
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The AT dismisses the appeals and upholds the provisional attachment. It holds that money-laundering is determined by when proceeds are projected to be untainted and not by the date of the predicate offence, therefore the PMLA applies to the impugned transactions. Property held by persons in possession of proceeds of crime may be attached notwithstanding that they are not accused of the scheduled offence. The appellants' repayment of a housing loan in a short period, subsequent transfers and a later gift to a family member are treated as sham transactions executed with mala fide intent to frustrate enforcement; hence the properties are proceeds of crime and remain subject to attachment under the PMLA.
The AT dismisses the appeals and upholds the provisional attachment. It holds that money-laundering is determined by when proceeds are projected to be untainted and not by the date of the predicate offence, therefore the PMLA applies to the impugned transactions. Property held by persons in possession of proceeds of crime may be attached notwithstanding that they are not accused of the scheduled offence. The appellants' repayment of a housing loan in a short period, subsequent transfers and a later gift to a family member are treated as sham transactions executed with mala fide intent to frustrate enforcement; hence the properties are proceeds of crime and remain subject to attachment under the PMLA.
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