https://www.taxtmi.com/caselaws?id=459329 The Bombay HC declined to grant interim relief staying provisional freezing orders under Section 17 of the PML Act. The court found that the accused company allegedly diverted bank funds worth Rs. 4037.87 crores through shell entities and dummy companies related to directors. The Enforcement Directorate's freezing orders were properly issued following procedural requirements, with evidence of fund diversion and layering of proceeds of crime recovered during searches. The court held that petitioners must satisfy the Adjudicating Authority, which provides an effective remedy, and found no deficiency warranting writ jurisdiction. The matter was placed for further consideration after six weeks. en-us Fri, 27 Sep 2024 00:00:00 +0530 Mon, 09 Dec 2024 19:05:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459329 The Bombay HC declined to grant interim relief staying provisional freezing orders under Section 17 of the PML Act. The court found that the accused company allegedly diverted bank funds worth Rs. 4037.87 crores through shell entities and dummy companies related to directors. The Enforcement Directorate's freezing orders were properly issued following procedural requirements, with evidence of fund diversion and layering of proceeds of crime recovered during searches. The court held that petitioners must satisfy the Adjudicating Authority, which provides an effective remedy, and found no deficiency warranting writ jurisdiction. The matter was placed for further consideration after six weeks. Case-Laws Money Laundering Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459329