ED can attach overseas assets equivalent to fraud value: HC
02.10.2024
Chennai : In a money-laundering case, if proceeds of crime are located outside the country, Enforcement Directorate (ED) has the power to attach the properties equivalent to the value of the fraud within the country, Madras high court has said. “Even the properties purchased prior to the scheduled offence can be attached under Prevention of Money Laundering Act (PMLA),” a division bench of Justices S M Subramaniam and V Sivagnanam said on Tuesday.
HC passed the order while dismissing a batch of pleas moved by Sterling Futures and Holidays Limited, SN India Pvt Ltd, and Chennai Properties & Investments Ltd. The issue pertains to the fraud committed by the petitioner-companies in obtaining two loans to the tune of $119 million from IDBI Bank.
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