Property of equivalent value may be seized or frozen where...

Property of equivalent value may be seized or frozen where direct proceeds of crime are unavailable; prior acquisition alone does not exclude property from action under the proceeds-of-crime definition. Retention of seized documents, digital devices and cash, and freezing of bank and Demat accounts were sustained where a majority shareholder and authorised signatory was linked to the company involved in alleged investment fraud, failed to deny material particulars, and did not disclose the property's source. A connected person likewise failed to establish an independent source for held funds and shares. The appeals challenging retention and freezing were dismissed.