https://www.taxtmi.com/caselaws?id=458019 The Appellate Tribunal under SAFEMA dismissed an appeal challenging search and seizure operations under Section 17 of the Prevention of Money Laundering Act, 2002. The case involved allegations of obtaining substantial loans from financial institutions and siphoning funds. The appellant argued non-service of written reasons for search and seizure caused prejudice. The Tribunal held that since the ECIR was recorded in 2019, search conducted in 2023, and relevant documents were included in the show cause notice, no prejudice was caused to the appellant. The Tribunal distinguished the case from J. Sekar v. Union of India, noting different purposes under various Act provisions. The appeal was dismissed as the Tribunal found no grounds for interference with the lower authority's order. en-us Thu, 14 Dec 2023 00:00:00 +0530 Thu, 03 Oct 2024 20:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458019 The Appellate Tribunal under SAFEMA dismissed an appeal challenging search and seizure operations under Section 17 of the Prevention of Money Laundering Act, 2002. The case involved allegations of obtaining substantial loans from financial institutions and siphoning funds. The appellant argued non-service of written reasons for search and seizure caused prejudice. The Tribunal held that since the ECIR was recorded in 2019, search conducted in 2023, and relevant documents were included in the show cause notice, no prejudice was caused to the appellant. The Tribunal distinguished the case from J. Sekar v. Union of India, noting different purposes under various Act provisions. The appeal was dismissed as the Tribunal found no grounds for interference with the lower authority's order. Case-Laws Money Laundering Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458019