https://www.taxtmi.com/caselaws?id=762712 The Appellate Tribunal under SAFEMA held that allocation of a coal block to the appellant company did not constitute proceeds of crime under PMLA. While the company was convicted for obtaining the coal block through misrepresentation and fraud, the tribunal found no predicate offence was investigated regarding misrepresentation to investors who provided additional funding after the allocation. The tribunal ruled that without establishing an indelible connection between the scheduled offence and subsequent investments, the Enforcement Directorate could not treat investor funds as proceeds of crime. The appeal was allowed, distinguishing between the fraudulent coal block allocation and separate investor funding. en-us Thu, 28 Nov 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762712 The Appellate Tribunal under SAFEMA held that allocation of a coal block to the appellant company did not constitute proceeds of crime under PMLA. While the company was convicted for obtaining the coal block through misrepresentation and fraud, the tribunal found no predicate offence was investigated regarding misrepresentation to investors who provided additional funding after the allocation. The tribunal ruled that without establishing an indelible connection between the scheduled offence and subsequent investments, the Enforcement Directorate could not treat investor funds as proceeds of crime. The appeal was allowed, distinguishing between the fraudulent coal block allocation and separate investor funding. Case-Laws Money Laundering Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762712