Provisional Attachment Upheld Under PMLA Section for Unsecured Rs. 9.5 Crore Criminal Proceeds Loan Claim

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....The AT dismissed the appeal challenging the provisional attachment of property under the Prevention of Money Laundering Act. The appellant admitted receipt of Rs. 9.5 crores from the accused, characterized as proceeds of crime linked to the preparation of fake bills of entry and foreign remittances. Despite the appellant's claim that the amount was a bona fide loan, no loan documentation or evidence of repayment was produced. The Tribunal held that the admitted receipt of criminal proceeds justified attachment to secure the property pending trial. The appellant's role as director of the associated entity and the corroborative statements further supported the attachment. No grounds for interference with the impugned order were found, and the appeal was accordingly dismissed.....