Reverse Burden Applies: Tribunal Upholds Bank Freeze Where Source of Funds Not Proved under PMLA

Debabrata Mallick Vs Deputy Director (Appellate Tribunal Under Safema At New Delhi) Reverse Burden Applies: Tribunal Upholds Bank Freeze Where Source of Funds Not Proved under PMLA The Appellate Tribunal under SAFEMA dismissed the appeal challenging freezing of bank accounts and seizure of documents under Sections 17 and 17(1A) of the PMLA, holding that sufficient material existed to establish the appellant’s involvement in money laundering activities linked to diversion of bank loans by M/s BISWA and related entities. The Tribunal noted that the appellant, though claiming to be merely a Dir...