https://www.taxtmi.com/caselaws?id=459755 The Appellate Tribunal under SAFEMA dismissed appeals challenging provisional attachment of properties under PMLA. The tribunal found that appellant companies operated a money laundering scheme through instant loan apps charging exorbitant interest rates and processing fees. One NBFC took inter-corporate deposits from its sister company, which received overseas loans from foreign fintech companies, establishing a conspiracy. The companies disbursed loans totaling Rs. 90 crores while deducting Rs. 17 crores as processing fees upfront, with total proceeds of crime exceeding the attached amount of Rs. 5 crores. The tribunal rejected arguments that reasons to believe were inadequately recorded, finding sufficient nexus between scheduled offences and attached properties to justify provisional attachment. en-us Thu, 14 Dec 2023 00:00:00 +0530 Thu, 26 Dec 2024 22:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459755 The Appellate Tribunal under SAFEMA dismissed appeals challenging provisional attachment of properties under PMLA. The tribunal found that appellant companies operated a money laundering scheme through instant loan apps charging exorbitant interest rates and processing fees. One NBFC took inter-corporate deposits from its sister company, which received overseas loans from foreign fintech companies, establishing a conspiracy. The companies disbursed loans totaling Rs. 90 crores while deducting Rs. 17 crores as processing fees upfront, with total proceeds of crime exceeding the attached amount of Rs. 5 crores. The tribunal rejected arguments that reasons to believe were inadequately recorded, finding sufficient nexus between scheduled offences and attached properties to justify provisional attachment. Case-Laws Money Laundering Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459755