https://www.taxtmi.com/caselaws?id=759627 The Appellate Tribunal under SAFEMA set aside a provisional attachment order in a money laundering case. The case involved offences under Section 120-B IPC and Sections 7, 8, and 10 of the Prevention of Corruption Act, 1988. The tribunal found that Rs.89,68,000/- was already seized by CBI and remained under seizure pursuant to CBI Court order. The tribunal held that attachment under Section 5(1)(b) of the Prevention of Money Laundering Act, 2002 requires likelihood of concealment, transfer, or alienation to frustrate confiscation proceedings. Since the amount was already under court seizure, no such likelihood existed. The attachment order was set aside as it violated Section 5(1)(b) mandate. Appeal disposed of. en-us Thu, 19 Sep 2024 00:00:00 +0530 Fri, 04 Oct 2024 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759627 The Appellate Tribunal under SAFEMA set aside a provisional attachment order in a money laundering case. The case involved offences under Section 120-B IPC and Sections 7, 8, and 10 of the Prevention of Corruption Act, 1988. The tribunal found that Rs.89,68,000/- was already seized by CBI and remained under seizure pursuant to CBI Court order. The tribunal held that attachment under Section 5(1)(b) of the Prevention of Money Laundering Act, 2002 requires likelihood of concealment, transfer, or alienation to frustrate confiscation proceedings. Since the amount was already under court seizure, no such likelihood existed. The attachment order was set aside as it violated Section 5(1)(b) mandate. Appeal disposed of. Case-Laws Money Laundering Thu, 19 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759627