Allowed
FPA-PMLA-940/MUM/2015 of Nilesh J. Thakur v/s The Joint Director Directorate of Enforcement, Mumbai
ATFPFPA-PMLA-940/MUM/2015
Case brief
AI extract
What is this about?
The Tribunal allowed appeals against provisional attachment orders passed under PMLA. It held that funds from SPCL were legitimate business advances under a valid contract, not proceeds of crime. The Adjudicating Authority failed to satisfy Section 5 prerequisites, and the ITAT's findings demolished the prima facie case. Attachments of properties were quashed.
What did the court decide?
The appealed orders confirming attachment were set aside. The provisional attachment orders against the subject properties were quashed. All appeals were disposed of.