https://www.taxtmi.com/caselaws?id=459411 The Appellate Tribunal under SAFEMA at New Delhi dismissed an appeal challenging a provisional attachment order under money laundering provisions. The appellant argued that properties acquired prior to commission of crime cannot be considered proceeds of crime, citing Kerala HC and SC judgments. The Tribunal rejected this argument, holding that such interpretation would make the middle part of the proceeds of crime definition redundant and enable accused persons to easily siphon off proceeds after committing scheduled offences, thereby defeating the Act's objectives. The Tribunal followed Delhi HC precedents in Axis Bank and Prakash Industries cases, emphasizing that restrictive interpretation would frustrate enforcement agencies' ability to protect victims' interests. en-us Mon, 14 Oct 2024 00:00:00 +0530 Thu, 12 Dec 2024 18:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459411 The Appellate Tribunal under SAFEMA at New Delhi dismissed an appeal challenging a provisional attachment order under money laundering provisions. The appellant argued that properties acquired prior to commission of crime cannot be considered proceeds of crime, citing Kerala HC and SC judgments. The Tribunal rejected this argument, holding that such interpretation would make the middle part of the proceeds of crime definition redundant and enable accused persons to easily siphon off proceeds after committing scheduled offences, thereby defeating the Act's objectives. The Tribunal followed Delhi HC precedents in Axis Bank and Prakash Industries cases, emphasizing that restrictive interpretation would frustrate enforcement agencies' ability to protect victims' interests. Case-Laws Money Laundering Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459411