https://www.taxtmi.com/caselaws?id=198837 Provisional attachment under the Prevention of Money Laundering Act was sustained because the attached properties were prima facie traced to diverted bank funds, routed through bogus loan accounts, and used to acquire immovable assets later treated as collateral security. The tribunal held that the preventive attachment power protects property linked to proceeds of crime, and the appellant's claim of bona fide conduct in the course of bank duties did not rebut the material showing involvement in money laundering. It also clarified that findings in attachment proceedings do not ermine criminal liability in the pending prosecution and cannot justify release of the properties at that stage. en-us Fri, 05 Jun 2015 00:00:00 +0530 Sat, 10 Feb 2018 07:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198837 Provisional attachment under the Prevention of Money Laundering Act was sustained because the attached properties were prima facie traced to diverted bank funds, routed through bogus loan accounts, and used to acquire immovable assets later treated as collateral security. The tribunal held that the preventive attachment power protects property linked to proceeds of crime, and the appellant's claim of bona fide conduct in the course of bank duties did not rebut the material showing involvement in money laundering. It also clarified that findings in attachment proceedings do not ermine criminal liability in the pending prosecution and cannot justify release of the properties at that stage. Case-Laws Money Laundering Fri, 05 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198837