https://www.taxtmi.com/caselaws?id=314100 The Tribunal overturned the Adjudicating Authority's decision, affirming the provisional attachment of 3,91,020 IDFC shares under Section 5 of the PMLA. It determined that the Respondents' actions constituted money laundering, as they knowingly participated in fraudulent IPO share acquisitions. The Tribunal ruled that property involved in money laundering could be attached regardless of whether the possessor is charged with a scheduled offence. The attachment remains during criminal proceedings and becomes final upon conviction. Any dividends from the attached shares must be held in a separate account until case resolution. en-us Fri, 24 Jun 2011 00:00:00 +0530 Fri, 17 May 2024 12:46:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314100 The Tribunal overturned the Adjudicating Authority's decision, affirming the provisional attachment of 3,91,020 IDFC shares under Section 5 of the PMLA. It determined that the Respondents' actions constituted money laundering, as they knowingly participated in fraudulent IPO share acquisitions. The Tribunal ruled that property involved in money laundering could be attached regardless of whether the possessor is charged with a scheduled offence. The attachment remains during criminal proceedings and becomes final upon conviction. Any dividends from the attached shares must be held in a separate account until case resolution. Case-Laws Money Laundering Fri, 24 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314100