https://www.taxtmi.com/caselaws?id=458061 Freezing, retention and provisional attachment under the Prevention of Money Laundering Act, 2002 require strict compliance with the applicable statutory procedure and material establishing a prima facie nexus between the property and proceeds of crime. Search-and-seizure powers and attachment powers operate independently and cannot be used interchangeably without satisfying their respective conditions. Account freezing and continued retention were unsustainable where no valid search or procedural basis for continuation was established. Provisional attachment was also unjustified where transactions were supported by business records and bank entries, no effective rebuttal was made, and no satisfactory nexus with proceeds of crime was shown. The accounts were directed to be released. en-us Thu, 29 Aug 2019 00:00:00 +0530 Sat, 05 Oct 2024 21:45:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458061 Freezing, retention and provisional attachment under the Prevention of Money Laundering Act, 2002 require strict compliance with the applicable statutory procedure and material establishing a prima facie nexus between the property and proceeds of crime. Search-and-seizure powers and attachment powers operate independently and cannot be used interchangeably without satisfying their respective conditions. Account freezing and continued retention were unsustainable where no valid search or procedural basis for continuation was established. Provisional attachment was also unjustified where transactions were supported by business records and bank entries, no effective rebuttal was made, and no satisfactory nexus with proceeds of crime was shown. The accounts were directed to be released. Case-Laws Money Laundering Thu, 29 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458061