Allowed
FPA-PMLA-1112/MUM/2015 of M/s Ace Card InfrasolPvt. Ltd. v/s The Joint Director Directorate of Enforcement, Mumbai
ATFPFPA-PMLA-1112/MUM/2015
Case brief
AI extract
What is this about?
The Appellate Tribunal allowed appeals by Nilesh J. Thakur and various ACE Card entities against Provisional Attachment Orders. The Tribunal quashed the orders, holding that funds received were legitimate business advances from SPCL, not proceeds of crime, especially in light of subsequent ITAT findings confirming the transaction's legitimacy.
What did the court decide?
Impugned orders confirming provisional attachment of properties set aside; provisional attachments quashed; appeals allowed.