https://www.taxtmi.com/caselaws?id=437173 Attachment under the Prevention of Money Laundering Act, 2002 cannot continue once the scheduled offence has ended in compounding and consequent acquittal, because "proceeds of crime" under Section 2(1)(u) depends on a subsisting predicate offence and money-laundering under Section 3 requires property derived from such criminal activity. Where the foundational offence no longer survives, there is no basis to treat the attached property as proceeds of crime. The restoration mechanism under Rule 3-A of the 2016 Rules was held inapplicable to alter that result, and the attached properties were directed to be released. en-us Wed, 19 Apr 2023 00:00:00 +0530 Fri, 28 Apr 2023 19:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437173 Attachment under the Prevention of Money Laundering Act, 2002 cannot continue once the scheduled offence has ended in compounding and consequent acquittal, because "proceeds of crime" under Section 2(1)(u) depends on a subsisting predicate offence and money-laundering under Section 3 requires property derived from such criminal activity. Where the foundational offence no longer survives, there is no basis to treat the attached property as proceeds of crime. The restoration mechanism under Rule 3-A of the 2016 Rules was held inapplicable to alter that result, and the attached properties were directed to be released. Case-Laws Money Laundering Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437173