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Provisional attachment under PMLA can extend to any person found in possession of proceeds of crime, even if that person is not named in the FIR or charge-sheet for the scheduled offence. The Tribunal also found that the NBFC-fintech lending model involved outsourcing of core lending, onboarding, disbursement, recovery and monitoring functions to service providers in a manner inconsistent with the RBI outsourcing framework, while the apps imposed upfront charges and coercive recovery practices. On those facts, the profits were prima facie linked to cheating, extortion and unlawful recovery, so the confirmed attachment was upheld and the appeal dismissed.
Provisional attachment under PMLA can extend to any person found in possession of proceeds of crime, even if that person is not named in the FIR or charge-sheet for the scheduled offence. The Tribunal also found that the NBFC-fintech lending model involved outsourcing of core lending, onboarding, disbursement, recovery and monitoring functions to service providers in a manner inconsistent with the RBI outsourcing framework, while the apps imposed upfront charges and coercive recovery practices. On those facts, the profits were prima facie linked to cheating, extortion and unlawful recovery, so the confirmed attachment was upheld and the appeal dismissed.
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