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No PMLA Attachment Without Proven Money Trail – Tribunal Quashes ₹23.85 Cr Attachment
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- Suncity Projects Pvt. Ltd. Vs Deputy Director (Appellate Tribunal Under SAFEMA Delhi)
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Suncity Projects Pvt. Ltd. Vs Deputy Director (Appellate Tribunal Under SAFEMA Delhi)
No PMLA Attachment Without Proven Money Trail – Tribunal Quashes ₹23.85 Cr Attachment
The Appellate Tribunal under SAFEMA (PMLA) set aside the attachment of immovable properties worth ₹23.85 crore, holding that mere “relationship” between entities (common directors/shareholders) is not sufficient to invoke PMLA in the absence of any actual flow of “proceeds of crime.”
The case arose from alleged bank fraud by M/s Allied Strips Ltd. (ASL), where ED attached properties of thir...
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