https://www.taxtmi.com/caselaws?id=382072 Provisional attachment under the Prevention of Money Laundering Act could not be sustained without a valid, reasoned belief based on material that the properties were proceeds of crime and bore a nexus to the alleged conduct. The authority found that the alleged receipts had been exhausted in ordinary business, no proceeds had reached the individual respondent's account, and no material linked the attached assets to crime, so the attachment failed for want of the statutory precondition. Attachment was also impermissible where the alleged conduct predated the PMLA regime and liability could not be fastened on the transferee company merely because of amalgamation. The attachment was therefore set aside. en-us Tue, 11 Jun 2019 00:00:00 +0530 Tue, 25 Jun 2019 08:28:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382072 Provisional attachment under the Prevention of Money Laundering Act could not be sustained without a valid, reasoned belief based on material that the properties were proceeds of crime and bore a nexus to the alleged conduct. The authority found that the alleged receipts had been exhausted in ordinary business, no proceeds had reached the individual respondent's account, and no material linked the attached assets to crime, so the attachment failed for want of the statutory precondition. Attachment was also impermissible where the alleged conduct predated the PMLA regime and liability could not be fastened on the transferee company merely because of amalgamation. The attachment was therefore set aside. Case-Laws Money Laundering Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382072