Tribunal Overturns Seizure of Funds in Money Laundering Case Citing Lack of Crime Proceeds Link; Appeal Allowed.

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Tribunal Overturns Seizure of Funds in Money Laundering Case Citing Lack of Crime Proceeds Link; Appeal Allowed.

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....The Appellate Tribunal examined the issue of retention of seized documents/properties u/s 17(4) of the Prevention of Money Laundering Act (PMLA) in a case involving the misuse of loans. The case arose from investigations into investments made from provident funds maintained by UPPCL Trusts as fixed deposits with DHFL, contrary to standing instructions. The Directorate, based on statements from DHFL's Rajendra Mirashie, examined loans disbursed by DHFL and identified the appellant companies of the SGS Group as beneficiaries of loans suspected to have been siphoned off. The seizure of Rs. 33,00,000/- was made from the residential premises of the Gulati family on 13.08.2021. The source of the seized amount was explained as withdrawals from per.........

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Tribunal Overturns Seizure of Funds in Money Laundering Case Citing Lack of Crime Proceeds Link; Appeal Allowed.