https://www.taxtmi.com/caselaws?id=750934 The HC quashed Provisional Attachment Orders issued by Enforcement Directorate under PMLA Act regarding properties of accused company that collected deposits through false promises. The court held that while PMLA is central legislation with overriding effect, properties should remain attached under state APPDFE Act to better serve depositors' interests through equitable distribution. The court reasoned that mere confiscation to state wouldn't help victims, and proceeding under APPDFE Act would mitigate depositors' hardship more effectively than PMLA proceedings, considering all depositors were state natives and properties were located within state jurisdiction. en-us Mon, 11 Mar 2024 00:00:00 +0530 Wed, 03 Apr 2024 20:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750934 The HC quashed Provisional Attachment Orders issued by Enforcement Directorate under PMLA Act regarding properties of accused company that collected deposits through false promises. The court held that while PMLA is central legislation with overriding effect, properties should remain attached under state APPDFE Act to better serve depositors' interests through equitable distribution. The court reasoned that mere confiscation to state wouldn't help victims, and proceeding under APPDFE Act would mitigate depositors' hardship more effectively than PMLA proceedings, considering all depositors were state natives and properties were located within state jurisdiction. Case-Laws Money Laundering Mon, 11 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750934