The AT dismissed the appeal concerning attachment of property...

The AT dismissed the appeal concerning attachment of property under the PMLA related to scheduled offences involving falsified financial statements and conspiracy. It was established that a portion of the purchase consideration for the property originated from proceeds of crime traced to inflated share sales. The tribunal emphasized that proceeds of crime encompass property equivalent in value to criminally derived assets, regardless of legitimate income sources. The failure to provide an opportunity of hearing under Section 8 of the PMLA was noted but did not alter the outcome. The tribunal rejected the contention that SARFAESI Act supersedes PMLA, affirming their distinct objectives. Consequently, the attachment order was upheld, confirming the property as proceeds of crime and dismissing the appeal.