Tribunal Upholds FD Attachment: Deep Shareholding Links Justify Treating Assets as Proceeds of Crime

ILC Iron & Steel Pvt. Ltd. Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi) Tribunal Upholds Attachment: FDs of ILC Iron & Steel Treated as ‘Value of Proceeds of Crime’ Owing to Deep Shareholding Links The Appellate Tribunal under SAFEMA/PMLA dismissed the appeal filed by ILC Iron & Steel Pvt. Ltd., challenging the attachment of five Fixed Deposits totaling ₹5.34 crore, which the ED had treated as “value of proceeds of crime” arising from a massive illegal-mining scam involving ₹113.51 crore loss to the Government. The ED’s case is rooted in a CBI chargeshee...