SAFEMA Tribunal Confirms ₹50 Lakh ED Attachment In Syndicate Bank Bribery Case Linked To Former CMD

The Appellate Tribunal under SAFEMA on 12 March held that the provisional attachment of Rs. 50 lakh recovered from the close relatives of Syndicate Bank's former CMD constitutes proceeds of crime under the Prevention of Money Laundering Act (PMLA). A Bench comprising Members Balesh Kumar and Rajesh Malhotra allowed the appeal filed by the Directorate of Enforcement (ED), setting aside the order of the Adjudicating Authority, which had earlier declined to confirm the provisional attachment of...

Dalmia Cement Gets Partial Relief As PMLA Appellate Tribunal Cuts Proceeds To ₹92 Cr In ED Case Linked To YS Jagan Mohan Reddy

In a case linked to alleged quid pro quo investments involving former Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy, the Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) in Delhi has reduced the proceeds of crime attributed to Dalmia Cement (Bharat) Ltd from Rs. 793.34 crore to Rs. 92.52 crore while partly allowing the company's appeal against the attachment of properties. A single-member coram of V. Anandarajan was hearing an appeal challenging an order dated...

Special PMLA Court Discharges DHFL From Money Laundering Case After Insolvency Resolution

The Special Court under the Prevention of Money Laundering Act at Mumbai has discharged Dewan Housing Finance Corporation Limited (DHFL) from the money-laundering case linked to former Yes Bank Managing Director and CEO Rana Kapoor. Additional Sessions Judge R. B. Rote held that the company could not be prosecuted after its insolvency resolution resulted in a complete change in management. DHFL, now known as Piramal Capital and Housing Finance Limited, had approached the Special Court seeking...