Now Reading: Tribunal upholds attachment of $250,000 London policy in Emaar case
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Tribunal upholds attachment of $250,000 London policy in Emaar case
The SAFEMA appellate tribunal has upheld the Enforcement Directorate’s attachment of a $250,000 London insurance policy of industrialist Koneru Pradeep in the Emaar Hills Township money-laundering case. Member Rajesh Malhotra dismissed Pradeep’s…
The Story in Brief
The SAFEMA appellate tribunal has upheld the Enforcement Directorate’s attachment of a $250,000 London insurance policy of industrialist Koneru Pradeep in the Emaar Hills Township money-laundering case. Member Rajesh Malhotra dismissed Pradeep’s appeal on August 11, confirming the 2022 adjudicating authority order.
Pradeep had argued that the policy was bought in 1998, before the alleged scam, and that ED had already attached properties covering the quantified proceeds of crime of Rs 167 crore. ED countered that premium payments continued until 2014, money laundering is a continuing offence, and the full extent of proceeds cannot be rigidly fixed. The case involves alleged cash collections of Rs 96 crore from villa buyers.
The Indian Opinion
Two competing narratives emerge: that ED is overreaching by attaching assets beyond the quantified proceeds of crime, and that launderers exploit technical loopholes. The facts show Pradeep’s policy predates the scam but received premium payments during the alleged crime period. The real test will be whether the trial court accepts ED’s 'continuing offence' argument, or whether the Supreme Court clarifies the limits of asset attachment under PMLA.
Sources (2): timesofindia.indiatimes.com, timesofindia.indiatimes.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
