https://www.taxtmi.com/caselaws?id=792104 Continued freezing and retention of bank accounts under the Prevention of Money Laundering Act, 2002 cannot rest on the pendency of investigation alone; the authority must first record a reasoned finding on relevant material that the property is proceeds of crime and is involved in money laundering. Where the person is not named in the FIR and no material shows direct or indirect involvement or a nexus between the accounts and the alleged offence, the statutory presumption under Section 24 does not arise. On that basis, the Tribunal found the retention unsustainable and set aside the impugned order. en-us Wed, 20 May 2026 00:00:00 +0530 Sat, 23 May 2026 08:27:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792104 Continued freezing and retention of bank accounts under the Prevention of Money Laundering Act, 2002 cannot rest on the pendency of investigation alone; the authority must first record a reasoned finding on relevant material that the property is proceeds of crime and is involved in money laundering. Where the person is not named in the FIR and no material shows direct or indirect involvement or a nexus between the accounts and the alleged offence, the statutory presumption under Section 24 does not arise. On that basis, the Tribunal found the retention unsustainable and set aside the impugned order. Case-Laws Money Laundering Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792104