Allowed
FPA-PMLA-1003/MUM/2015 of Ace Card Export Pvt. Ltd. v/s The Joint Director Directorate of Enforcement, Mumbai
ATFPFPA-PMLA-1003/MUM/2015
Case brief
AI extract
What is this about?
The Appellate Tribunal allowed appeals filed by Nilesh J. Thakur and various Ace Card entities. It quashed the Provisional Attachment Orders passed by the Directorate of Enforcement. The court held that the funds involved were legitimate advances from a valid contract and not proceeds of crime, noting inter-se civil disputes.
What did the court decide?
The impugned orders passed by the Adjudicating Authority were set aside and the Provisional Attachment Orders were quashed against the subject properties.