The Prevention of Money Laundering Act, 2002 — the primary anti-money laundering legislation in India, enforced by the Enforcement Directorate (ED). The ED can attach properties that are "proceeds of crime" regardless of whether a criminal case is pending. Banks' NPAs involving fraud are frequently referred to the ED. Attachment under PMLA can complicate SARFAESI enforcement as PMLA attachments take priority in some circumstances.
Need Expert Advice on PMLA (Prevention of Money Laundering Act)?
For specific advice on how PMLA (Prevention of Money Laundering Act) applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates