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Tribunal Upholds FD Attachment: Deep Shareholding Links Justify Treating Assets as Proceeds of Crime
Case Law Details
- Case Name
- ILC Iron & Steel Pvt. Ltd. Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Appellate Authority, SAFEMA
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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...
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