https://www.taxtmi.com/caselaws?id=762712 Post-allotment investments by an outside investor and share subscription at face value could not be treated as proceeds of crime under PMLA in the absence of a predicate-offence finding linking those funds to money laundering. The Tribunal noted that the coal block allocation was, at most, a valuable right and did not by itself constitute proceeds of crime. Although the appellant company had been convicted for the predicate offence on the basis of misrepresentation in obtaining the coal block, that finding did not extend to later funds introduced by Shri R.S. Rungta and his family. The provisional attachment was therefore not sustainable because the required nexus with a scheduled offence was not established. 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 Post-allotment investments by an outside investor and share subscription at face value could not be treated as proceeds of crime under PMLA in the absence of a predicate-offence finding linking those funds to money laundering. The Tribunal noted that the coal block allocation was, at most, a valuable right and did not by itself constitute proceeds of crime. Although the appellant company had been convicted for the predicate offence on the basis of misrepresentation in obtaining the coal block, that finding did not extend to later funds introduced by Shri R.S. Rungta and his family. The provisional attachment was therefore not sustainable because the required nexus with a scheduled offence was not established. Case-Laws Money Laundering Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762712