https://www.taxtmi.com/caselaws?id=459385 The Appellate Tribunal under SAFEMA dismissed the appeal challenging provisional attachment orders under money laundering provisions. The appellant argued that attached properties were acquired prior to the alleged scheduled offence in 2015-2017. The Tribunal held that properties of equivalent value can be attached regardless of acquisition timing, whether before or after the crime commission. The law permits attachment of any property of equivalent value when proceeds directly obtained from crime have vanished or been siphoned off. The Tribunal clarified that "proceeds of crime" includes not only property derived directly from criminal activity but also any other property of equivalent value, finding no illegality in the attachment order. en-us Wed, 31 Jul 2024 00:00:00 +0530 Wed, 11 Dec 2024 18:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459385 The Appellate Tribunal under SAFEMA dismissed the appeal challenging provisional attachment orders under money laundering provisions. The appellant argued that attached properties were acquired prior to the alleged scheduled offence in 2015-2017. The Tribunal held that properties of equivalent value can be attached regardless of acquisition timing, whether before or after the crime commission. The law permits attachment of any property of equivalent value when proceeds directly obtained from crime have vanished or been siphoned off. The Tribunal clarified that "proceeds of crime" includes not only property derived directly from criminal activity but also any other property of equivalent value, finding no illegality in the attachment order. Case-Laws Money Laundering Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459385