Provisional Attachment Order ceases to have any effect after 180 days as per PMLA

Naresh T. Jain Vs Union of India (Bombay High Court) Bombay High Court held that in terms of section 5(1) read with Section 5(3) of the Prevention of Money Laundering Act, 2002 [PMLA] Provisional Attachment Order ceases to have any effect after 180 days. Facts- Vide the present petition, the petitioner challenges the Provisional Attachment Order dated 27 November 2020 under section 5 of the Prevention of Money Laundering Act, 2002 issued by the Directorate of Enforcement [ED]. It is mainly contested that Provisional Attachment Order ceases to have any effect after the expiry of 180 days from ...