https://www.taxtmi.com/news?id=25220 The Prevention of Money Laundering Act and the Fugitive Economic Offenders Act permit Special Courts to restore property/assets involved in money laundering to third party claimants with legitimate interest, including banks; these provisions enable attachment of assets, confiscation to the Government, and restitution to public sector banks. In the cited fraud matters, a large proportion of the alleged defrauded funds had been attached as of 15.03.2022, a substantial share of attached assets was restituted to banks, some assets were confiscated to the Government, and banks realized further recoveries by sale of assets handed over by enforcement authorities. en-us Tue, 22 Mar 2022 17:51:12 +0530 Tue, 22 Mar 2022 17:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=25220 The Prevention of Money Laundering Act and the Fugitive Economic Offenders Act permit Special Courts to restore property/assets involved in money laundering to third party claimants with legitimate interest, including banks; these provisions enable attachment of assets, confiscation to the Government, and restitution to public sector banks. In the cited fraud matters, a large proportion of the alleged defrauded funds had been attached as of 15.03.2022, a substantial share of attached assets was restituted to banks, some assets were confiscated to the Government, and banks realized further recoveries by sale of assets handed over by enforcement authorities. News - Tue, 22 Mar 2022 17:51:12 +0530 https://www.taxtmi.com/news?id=25220