Fema / RBI : RBI's KYC framework mandates customer identification, risk categorization, and ongoing monitoring to combat money laundering and t...
Corporate Law : The Court examined whether a predicate FIR is necessary before the ED can act under the PMLA. It held that inquiry proceedings and...
Fema / RBI : Individuals who receive or transfer funds on behalf of others may face prosecution under various Indian laws. The article explains...
Corporate Law : Organized crime disrupts fair competition by introducing illegal goods and laundering illicit funds. The analysis highlights its d...
Corporate Law : This examines whether recent rulings have strengthened or softened bail standards under PMLA. The key takeaway is that courts are ...
Finance : The agreements introduce structured protocols for intelligence sharing and monitoring compliance under PMLA. The ruling highlights...
Corporate Law : FIU-IND imposed a ₹9.27 crore penalty on Bybit for violating PMLA compliance. The platform operated without registration, leadin...
Corporate Law : Bombay High Court directs Enforcement Directorate to regulate statement recording hours under PMLA, emphasizing same-day examinati...
Corporate Law : Read about the Directorate of Enforcement's (ED) search operations under PMLA at 14 locations in Haryana and Punjab, uncovering ca...
Finance : Discover India exceptional performance in the FATF Mutual Evaluation 2023-24, placing it in the 'regular follow-up' category and b...
Corporate Law : Supreme Court granted bail under the PMLA, noting prolonged custody, documentary evidence, delayed trial, parity with co-accused, ...
Corporate Law : Supreme Court set aside the High Court's PMLA bail order for failure to apply Section 45 twin conditions and remanded the matter f...
Corporate Law : Karnataka HC refused to cancel bail, holding that the Section 45(1) PMLA proviso exempts women from the twin conditions, subject t...
Income Tax : Orissa HC permitted surrender and directed same-day bail consideration under a strict first hour-second hour timeline, applying pa...
Corporate Law : Karnataka HC granted PMLA bail after 275 days’ custody, holding Article 21 prevailed where trial had not progressed and delay wa...
Corporate Law : The Centre has permitted Home First Finance Company India Ltd. to perform Aadhaar authentication under Section 11A of the PMLA aft...
Corporate Law : The Finance Ministry has permitted seven reporting entities to conduct Aadhaar authentication under Section 11A of the PMLA. The n...
Corporate Law : NRIs and OCIs can now digitally onboard to NPS with relaxed physical presence requirements, while ensuring stringent KYC, anti-fra...
Finance : Ministry of Finance streamlines PMLA KYC rules for SEBI-defined intermediaries, allowing CKYCRR uploads, updates, and retrieval to...
Corporate Law : The Ministry of Finance has appointed 53 Special Public Prosecutors to handle cases on behalf of the Directorate of Enforcement un...
ITAT analyzes the conflict between IBC’s asset protection and PMLA’s confiscation power. Attachment must cease post-resolution plan, and the IBBI circular offers a path for asset restoration.
The Appellate Tribunal dismissed the appeals, confirming the attachment of ₹5.5 crore in assets belonging to an IAS officer’s family, ruling that the properties were acquired using laundered bribe money from the coal levy scam. Citing the Supreme Court’s precedent, the Tribunal held that even pre-offence assets can be attached as value-equivalent proceeds of crime under PMLA.
The SAFEMA Tribunal upheld the attachment of land registered in a tribal’s name, finding it a benami transaction under the amended Act. The ruling confirmed that purchasing restricted tribal land using funds provided by a non-tribal beneficial owner for future commercial resort development is illegal circumvention.
The Tribunal upheld the ED’s attachment of ₹4.04 crore worth of properties acquired through extortion and land grabbing. The ruling confirms that merely filing Income Tax Returns (ITRs) is insufficient to establish a lawful income source when no supporting business evidence or financial trail exists for the claimed income.
An Appellate Tribunal upheld the ED’s provisional attachment of properties in a major fraud case. The ruling confirmed that the 2009 amendment to Section 5(1) of PMLA permits property attachment even if the owners are not formally charged, provided attachment is necessary to prevent asset concealment.
The Tribunal confirmed the attachment of properties linked to a large Ponzi scheme, finding the alleged unregistered sale agreement with a massive cash component highly suspicious and likely ante-dated. The ruling emphasized that the genuineness of such transactions is highly questionable in PMLA cases.
The Tribunal set aside the freezing of bank accounts and seizure of assets under PMLA, ruling that the Enforcement Directorate’s failure to provide the fundamental FIR documents violated statutory procedure. The key takeaway is that FIRs are essential Relied Upon Documents for PMLA proceedings and their non-supply vitiates the entire adjudication order.
The Appellate Tribunal upheld the attachment of two plots of land, ruling the cash-paid transactions were benami because the appellant failed to prove the source of consideration. The ruling confirmed that the funds were provided by an unidentified person, satisfying the test under PBPTA Section 2(9)(D).
The legal issue was whether property acquired before the predicate offense date can be attached as a value-equivalent under PMLA. The Tribunal confirmed the attachment, ruling that pre-offence property can be attached to secure the vanished proceeds of crime. Key Takeaway: PMLA’s definition of proceeds of crime includes equivalent value property, overriding the acquisition timeline when actual proceeds are untraceable.
The Tribunal found the ED’s delayed prosecution complaint timely in view of the pandemic-related exclusion of limitation. It confirmed the attachment of Karti Chidambaram’s Jor Bagh property and bank accounts, rejecting claims of lapse under Section 8(3)(a).
