https://www.taxtmi.com/caselaws?id=467016 Diversion and non-repayment of loan funds routed through company accounts were treated as proceeds of crime because the funds were linked to alleged cheating and defrauding of the bank and farmers, and their use and dissipation satisfied the ingredients of money-laundering under Section 3 of PMLA. The provisional attachment was upheld because the authority recorded relevant material showing irregularities, fund routing, and risk of frustration of proceedings, thereby meeting the statutory requirement of reason to believe under Section 5(1). Attachment of equivalent value was also sustained: where the original proceeds were not traceable, equivalent-value attachment was permissible, and the valuation adopted was not shown to be unfair or unsupported. en-us Wed, 26 Feb 2025 00:00:00 +0530 Mon, 02 Mar 2026 08:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467016 Diversion and non-repayment of loan funds routed through company accounts were treated as proceeds of crime because the funds were linked to alleged cheating and defrauding of the bank and farmers, and their use and dissipation satisfied the ingredients of money-laundering under Section 3 of PMLA. The provisional attachment was upheld because the authority recorded relevant material showing irregularities, fund routing, and risk of frustration of proceedings, thereby meeting the statutory requirement of reason to believe under Section 5(1). Attachment of equivalent value was also sustained: where the original proceeds were not traceable, equivalent-value attachment was permissible, and the valuation adopted was not shown to be unfair or unsupported. Case-Laws Money Laundering Wed, 26 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467016