Judgments & Authorities

Fair Market Value & PMLA

Court :- HIGH COURT OF ANDHRA PRADESH AT HYDERABAD , Citation :- [2011]164CompCas149(AP)
In the above case of B. Rama Raju, S/o B. Ramalinga Raju Vs. Union of India (UOI), [MANU/TN/1696/2011]; [(2012)1MLJ419], it was held that
……….. It is therefore clear that where a property is provisionally attached under Section 5, the person in possession of such property may avail the opportunity under Section 8 to indicate/establish that he has acquired the property attached (prima facie the proceeds of crime) out of his lawful
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Effect of failure of ED to mention reasons in the show cause notice, against provisional attachment

Court :- High Court of Bombay , Citation :- Brizo Reality Company Pvt. Ltd. Vs. Aditya Birla Finance Ltd.
This issue was before Hon’ble Mr. J. S.J. Vazifdar and Mr. J. A.K. Menon in the matter of Brizo Reality Company Pvt. Ltd. Vs. Aditya Birla Finance Ltd.
This was a writ petition against the orders of the directorate of enforcement for the provisional attachment applicants’ property under the prevention of Money Laundering Act, 2002. The order of ED stated that investigation was required to find the source the funds of M/s Aastha Minmet Indi
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Mandatory conditions for Provisional Attachment

Court :- HIgh Court , Citation :- Sarosh Munir Khan Vs.The Deputy Director, [534/MUM/2013],
In the case of Sarosh Munir Khan Vs.The Deputy Director, [534/MUM/2013], it was held as under:
  "17. However, the following conditions are required to be satisfied before a provisional attachment order is passed by the Director or any other Officer authorised by him occupying a rank not below that of a Deputy Director; 
(1) There should be adequate material before such Officer,
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Attachment of 3rd Party Properties

Court :- HIgh Court , Citation :- SaroshMunir Khan Vs.The Deputy Director, [534/MUM/2013]
Under PMLA, even the property of any person may be attached under Section 5(1) 2nd Proviso, if the designated officer has reason to believe that the property in possession of such person is involved in Money-Laundering, and the non-attachment will frustrate any proceedings under the Act.....
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