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AT determined that provisional property attachment under PMLA was invalid where appellants lacked possession of crime proceeds. While "proceeds of crime" broadly encompasses property derived directly/indirectly from criminal activity and equivalent-value property, authorities must establish actual possession or likelihood of concealment/transfer. The tribunal found no evidence that appellants held proceeds or intended to transfer them. Additionally, pre-existing Company Law Board restrictions already prevented property transfers without Conciliation Board consent. The appeal challenging the attachment failed as authorities could not demonstrate the basic statutory requirements u/s 5(1) PMLA regarding possession or control of proceeds of crime. Appeal dismissed with the finding that mere theoretical connection to proceeds is insufficient for provisional attachment.
AT determined that provisional property attachment under PMLA was invalid where appellants lacked possession of crime proceeds. While "proceeds of crime" broadly encompasses property derived directly/indirectly from criminal activity and equivalent-value property, authorities must establish actual possession or likelihood of concealment/transfer. The tribunal found no evidence that appellants held proceeds or intended to transfer them. Additionally, pre-existing Company Law Board restrictions already prevented property transfers without Conciliation Board consent. The appeal challenging the attachment failed as authorities could not demonstrate the basic statutory requirements u/s 5(1) PMLA regarding possession or control of proceeds of crime. Appeal dismissed with the finding that mere theoretical connection to proceeds is insufficient for provisional attachment.
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