https://www.taxtmi.com/caselaws?id=773068 The Appellate Tribunal under SAFEMA dismissed an appeal challenging confirmation of provisional attachment order under Section 5(1) of PMLA, 2002. The appellant company failed to account for Rs. 90 lakhs discrepancy in cash books and was allegedly involved in layering money to support PFI's illegal activities through bogus share transactions and overseas money transfers. The Tribunal held that provisional attachment was justified due to reasonable apprehension of property concealment/transfer, finding nexus between the company's affairs and scheduled offences. The attached immovable properties were deemed proceeds of crime from money laundering activities linked to PFI's offences. en-us Fri, 30 May 2025 00:00:00 +0530 Wed, 18 Jun 2025 09:04:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773068 The Appellate Tribunal under SAFEMA dismissed an appeal challenging confirmation of provisional attachment order under Section 5(1) of PMLA, 2002. The appellant company failed to account for Rs. 90 lakhs discrepancy in cash books and was allegedly involved in layering money to support PFI's illegal activities through bogus share transactions and overseas money transfers. The Tribunal held that provisional attachment was justified due to reasonable apprehension of property concealment/transfer, finding nexus between the company's affairs and scheduled offences. The attached immovable properties were deemed proceeds of crime from money laundering activities linked to PFI's offences. Case-Laws Money Laundering Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773068