Partly allowed
FPA-PMLA-1573/HYD/2016 of Shri Y.S. Jagan Mohan Reddy v/s The Joint Director Directorate of Enforcement, Hyderabad
ATFPFPA-PMLA-1573/HYD/2016
Case brief
AI extract
What is this about?
The Tribunal allowed appeals against the confirmation of provisional attachment orders under PMLA 2002. Most attachments were set aside due to lack of proved money laundering, improper application of beneficial ownership, and errors in computation. However, a modified order required appellants to furnish a bank guarantee for Rs. 192 crores instead of releasing the full amount immediately.
What did the court decide?
The impugned orders are set aside. Most attachments are released. However, appellants must furnish a Bank Guarantee of Rs. 192 crores to secure the balance amount for Rs. 192 crores instead of releasi