https://www.taxtmi.com/caselaws?id=772081 Statements recorded under section 50 of the Act, when corroborated by seizure material, investigative records and surrounding circumstances, can provide a prima facie basis for confirming attachment of properties alleged to be derived from proceeds of crime. The Tribunal found material showing illegal coal excavation, theft and transportation, and relied on statements indicating participation in the illegal activity, receipt of proceeds of crime, and layering through shell companies and accommodation entries. It also noted a chartered accountant's admission regarding dummy entities and found no credible explanation for the source of funds used for the acquisitions. On that basis, the challenge to the provisional attachment failed and the confirmation of attachment was sustained. en-us Fri, 30 May 2025 00:00:00 +0530 Wed, 04 Jun 2025 08:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772081 Statements recorded under section 50 of the Act, when corroborated by seizure material, investigative records and surrounding circumstances, can provide a prima facie basis for confirming attachment of properties alleged to be derived from proceeds of crime. The Tribunal found material showing illegal coal excavation, theft and transportation, and relied on statements indicating participation in the illegal activity, receipt of proceeds of crime, and layering through shell companies and accommodation entries. It also noted a chartered accountant's admission regarding dummy entities and found no credible explanation for the source of funds used for the acquisitions. On that basis, the challenge to the provisional attachment failed and the confirmation of attachment was sustained. Case-Laws Money Laundering Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772081