Personal share attachment under money-laundering law fails without material linking individuals to proceeds of crime.

Provisional attachment of individual shareholdings was held unjustified where the alleged proceeds of crime were received by an education society and no material linked the appellants personally to receipt, possession, concealment, or benefit from those funds. The Tribunal found that the record showed utilisation of funds by the society for loan servicing and payments to other entities, but did not establish any direct or indirect personal benefit to the President or Secretary. Mere office-holding in the society was insufficient to sustain attachment of the appellants' personal property, and the attachment orders were set aside.

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Issues: Whether the provisional attachment of the shares held by the individual appellants was justified when the alleged proceeds of crime had been received by the education society and no material showed receipt or personal benefit by the appellants.

Analysis: The Tribunal noted that the allegations and the material on record related to receipt of funds by the society, while the amounts were shown as having been utilised for servicing a loan and for payments to other entities. No specific material established that the individual appellants had received any part of the alleged proceeds of crime or derived direct or indirect benefit from them. Mere status as President and Secretary of the society was held insufficient to sustain attachment of their personal shareholdings in the absence of allegations or evidence connecting them individually with the proceeds.

Conclusion: The provisional attachment of the shares held by the individual appellants was not justified and was set aside.

Final Conclusion: The appeals succeeded and the attachment orders against the individual shareholdings were quashed.

Ratio Decidendi: Personal property cannot be provisionally attached under money-laundering proceedings unless there is material linking the individual concerned to receipt, possession, concealment, or benefit from the proceeds of crime.

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