https://www.taxtmi.com/caselaws?id=770381 Section 17 of the Prevention of Money Laundering Act requires an authorised officer to record reasons to believe, follow the prescribed search, seizure and freezing procedure, and forward the recorded reasons and material to the Adjudicating Authority. The Orissa HC noted that no nexus was established between the petitioner-company, its BMW car or its bank account and the alleged proceeds of crime, and the record did not show compliance with the statutory safeguards. As the car was financed and the account reflected business funds, the seizure and freezing were treated as mechanical and without authority of law. The seizure and freezing were held illegal and unsustainable, and relief was granted. en-us Mon, 05 May 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770381 Section 17 of the Prevention of Money Laundering Act requires an authorised officer to record reasons to believe, follow the prescribed search, seizure and freezing procedure, and forward the recorded reasons and material to the Adjudicating Authority. The Orissa HC noted that no nexus was established between the petitioner-company, its BMW car or its bank account and the alleged proceeds of crime, and the record did not show compliance with the statutory safeguards. As the car was financed and the account reflected business funds, the seizure and freezing were treated as mechanical and without authority of law. The seizure and freezing were held illegal and unsustainable, and relief was granted. Case-Laws Money Laundering Mon, 05 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770381