https://www.taxtmi.com/caselaws?id=755646 Delhi HC dismissed a petition challenging the Directorate of Enforcement's sale of 26 luxury vehicles seized under PMLA Section 17 during money laundering investigations against an accused. The court held that the enforcement procedures followed PMLA and Rules 2013 provisions correctly. Regarding vehicle depreciation, the court ruled that converting proceeds from naturally decaying movable property into interest-bearing fixed deposits preserves value for both parties regardless of trial duration. The petitioner failed to demonstrate procedural infirmities or request alternative arrangements under Rule 4(2) proviso. The court found no violation of PMLA Section 8(6), noting accused persons retain rights to sale proceeds if found not guilty. en-us Fri, 12 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755646 Delhi HC dismissed a petition challenging the Directorate of Enforcement's sale of 26 luxury vehicles seized under PMLA Section 17 during money laundering investigations against an accused. The court held that the enforcement procedures followed PMLA and Rules 2013 provisions correctly. Regarding vehicle depreciation, the court ruled that converting proceeds from naturally decaying movable property into interest-bearing fixed deposits preserves value for both parties regardless of trial duration. The petitioner failed to demonstrate procedural infirmities or request alternative arrangements under Rule 4(2) proviso. The court found no violation of PMLA Section 8(6), noting accused persons retain rights to sale proceeds if found not guilty. Case-Laws Money Laundering Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755646