https://www.taxtmi.com/caselaws?id=753844 The Appellate Tribunal under SAFEMA dismissed an appeal challenging seizure of documents under Section 17(1) of the Prevention of Money Laundering Act, 2002. The appellant received property worth Rs.164.99 crores as gift from grandfather in 2020, after FIR registration in 2017 and ECIR in 2019. The Tribunal held the gift was not bonafide but designed to circumvent law and save property from seizure following fraud allegations against grandfather. The Tribunal ruled that Section 8(3)(a) does not mandate filing prosecution complaint against person whose property is seized within 365 days, only requires completion of investigation. Property qualified as proceeds of crime despite appellant not being accused in FIR/ECIR, as gift was made to defeat legislative intention. en-us Wed, 01 May 2024 00:00:00 +0530 Tue, 11 Jun 2024 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753844 The Appellate Tribunal under SAFEMA dismissed an appeal challenging seizure of documents under Section 17(1) of the Prevention of Money Laundering Act, 2002. The appellant received property worth Rs.164.99 crores as gift from grandfather in 2020, after FIR registration in 2017 and ECIR in 2019. The Tribunal held the gift was not bonafide but designed to circumvent law and save property from seizure following fraud allegations against grandfather. The Tribunal ruled that Section 8(3)(a) does not mandate filing prosecution complaint against person whose property is seized within 365 days, only requires completion of investigation. Property qualified as proceeds of crime despite appellant not being accused in FIR/ECIR, as gift was made to defeat legislative intention. Case-Laws Money Laundering Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753844