Shell Companies as Front: Tribunal Upholds Benami Attachment of 143 Properties in ₹75 Cr Layering Case

Swagatma Enclave Pvt. Ltd. Vs Initiating Officer (Appellate Tribunal Under SAFEMA Delhi) The Appellate Tribunal under SAFEMA dismissed the batch of appeals and upheld the provisional attachment of 143 immovable properties under the Prohibition of Benami Property Transactions Act, 1988, holding that the transactions clearly constituted benami arrangements. The case arose from an Income Tax search on the Maharani Group, where it was found that unaccounted cash generated through bogus purchase bills and hawala routing (₹40-42 crore) was infused into shell companies and used to acquire propertie...