PMLA attachment and release of proceeds of crime: liberty preserved to seek release before the Special Court after investor dues are settled.

Attached property treated as proceeds of crime under the PMLA could not be released by the Tribunal itself, but the aggrieved party was given liberty to seek release before the Special Court after settlement of the investors' dues. The statutory scheme recognised a remedy under Section 8(8) of the Prevention of Money Laundering Act, 2002 for property remaining after such settlement, and the Tribunal followed the connected approach adopted in comparable matters. The appeals were disposed of without disturbing the attachment, while preserving the party's right to approach the Special Court for release of the property.

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Issues: Whether the appellants could seek release of the attached property after settlement of the investors' dues and whether the appeals should be disposed of with liberty to approach the Special Court.

Analysis: The attachment related to property treated as proceeds of crime under the PMLA. The order noted the existing mechanism for settlement of investors' claims and recorded that, after such settlement, the concerned party may invoke the statutory remedy before the Special Court for release of property. The Tribunal also relied on the connected order granting similar liberty in comparable matters.

Conclusion: The appellants were permitted to move the Special Court under Section 8(8) of the Prevention of Money Laundering Act, 2002 for release of the property remaining after settlement of investors' dues.

Final Conclusion: The appeals were disposed of without disturbing the attachment, while preserving the statutory remedy for release after settlement of dues.

Ratio Decidendi: Where attached property is alleged to be proceeds of crime, the person aggrieved may seek release before the Special Court after settlement of investors' dues under the statutory scheme of the PMLA.

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