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PMLA provisional attachment of an NBFC's bank balance requires material establishing that the property constitutes proceeds of crime connected with a scheduled offence. FIR allegations alone were insufficient where final chargesheets did not arraign the NBFC or its lending application, and no material showed that an unauthorised fintech operated under its licence or that the NBFC received identified criminal proceeds. Legitimate lending income and an outstanding contractual loan cannot be characterised as proceeds of crime without supporting evidence. As no nexus was identified between the attached balance and criminal proceeds, confirmation of the attachment was set aside.
PMLA provisional attachment of an NBFC's bank balance requires material establishing that the property constitutes proceeds of crime connected with a scheduled offence. FIR allegations alone were insufficient where final chargesheets did not arraign the NBFC or its lending application, and no material showed that an unauthorised fintech operated under its licence or that the NBFC received identified criminal proceeds. Legitimate lending income and an outstanding contractual loan cannot be characterised as proceeds of crime without supporting evidence. As no nexus was identified between the attached balance and criminal proceeds, confirmation of the attachment was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
