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Issues: Whether the provisional attachment of the Vishal House property under the Prevention of Money Laundering Act, 2002 was justified on the basis of material showing reason to believe that the property represented proceeds of crime and whether the appellant had shown any legal infirmity in the impugned confirmation order.
Analysis: The material before the authority included the CBI charge-sheet, accompanying documents and statements recorded during the Enforcement Directorate investigation. On that basis, the Tribunal held that the statutory requirement of reason to believe was satisfied. It further held that the property had a traceable fund-flow link with the concerned group entities and that the property was not shown to be unconnected with the alleged laundering activity. The Tribunal rejected the argument that absence of direct charge against the appellant or the timing of the auction purchase by itself displaced the attachment, and it found no merit in the objection that the scheduled-offence basis was unavailable or that the appellant had disproved the statutory presumptions.
Conclusion: The confirmation of provisional attachment was upheld and the appellant's challenge failed.
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