https://www.taxtmi.com/caselaws?id=458082 The Appellate Tribunal SAFEMA, New Delhi dismissed the appeal challenging provisional attachment of assets under money laundering provisions. The appellant company argued transactions were legitimate as conducted through banking channels, but the tribunal held that entry-providing businesses typically maintain legal procedural compliance while facilitating illegal activities. The tribunal noted that proceeds of crime under section 2(u) includes property derived both directly and indirectly from scheduled offences. Despite the initial FIR quantifying proceeds at Rs. 1,40,10,333/-, investigation revealed exponentially higher amounts. The tribunal upheld that provisional attachment based on "reason to believe" serves as interim measure to prevent asset alienation pending final determination of culpability. en-us Wed, 05 Apr 2023 00:00:00 +0530 Tue, 08 Oct 2024 07:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458082 The Appellate Tribunal SAFEMA, New Delhi dismissed the appeal challenging provisional attachment of assets under money laundering provisions. The appellant company argued transactions were legitimate as conducted through banking channels, but the tribunal held that entry-providing businesses typically maintain legal procedural compliance while facilitating illegal activities. The tribunal noted that proceeds of crime under section 2(u) includes property derived both directly and indirectly from scheduled offences. Despite the initial FIR quantifying proceeds at Rs. 1,40,10,333/-, investigation revealed exponentially higher amounts. The tribunal upheld that provisional attachment based on "reason to believe" serves as interim measure to prevent asset alienation pending final determination of culpability. Case-Laws Money Laundering Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458082