Plea for retention of property without passing an order under Money Laundering Act was rejected

FEMA, BANKING & INSURANCE : Where Adjudicating Authority passed an order allowing respondent's application for retention of property of appellant on ground that he acted as mediator for providing benefit to a set of corporate entities which evaded tax, in view of fact that there was no discussion in impugned order with regard to retention of property and, moreover, no order was passed in terms of section 20(2) of PMLA, impugned order was not sustainable and, thus, same deserved to be set aside

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