https://www.taxtmi.com/news?id=62023 A provisional order under the Prevention of Money Laundering Act attaches nine Dubai properties worth about Rs 51.70 crore as assets allegedly acquired from proceeds of an alleged bank loan fraud by Advantage Overseas Private Limited and related persons. The agency alleges acquisition via illegal merchanting trade transactions, diversion of bank funds, fabrication of documents, circular trading and layering, and that the properties were subsequently gifted to the director's daughter. Twelve devolved foreign letters of credit amounting to about USD 200 million are identified as a principal component of the proceeds of crime causing wrongful loss to a public sector bank. en-us Tue, 18 Nov 2025 20:16:05 +0530 Tue, 18 Nov 2025 20:16:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=62023 A provisional order under the Prevention of Money Laundering Act attaches nine Dubai properties worth about Rs 51.70 crore as assets allegedly acquired from proceeds of an alleged bank loan fraud by Advantage Overseas Private Limited and related persons. The agency alleges acquisition via illegal merchanting trade transactions, diversion of bank funds, fabrication of documents, circular trading and layering, and that the properties were subsequently gifted to the director's daughter. Twelve devolved foreign letters of credit amounting to about USD 200 million are identified as a principal component of the proceeds of crime causing wrongful loss to a public sector bank. News - Tue, 18 Nov 2025 20:16:05 +0530 https://www.taxtmi.com/news?id=62023