AT dismissed the appeals and upheld attachment orders under PMLA, finding sufficient reasons to believe for the issuance of the provisional attachment order and show cause notice based on documentary evidence, witness statements, account transactions and an ECIR indicating fraudulent account openings, creation of shell entities and diversion of subsidized coal proceeds. The AT held ED may investigate the quantum and trail of proceeds of crime but need not re-probe predicate offences beyond identifying lacunae in police/CBI inquiries; ED may exceed the stated proceeds if new evidence emerges and refer supplemental material to police/CBI. Properties acquired prior to the scheduled offence were lawfully attached as equivalent value of proceeds, and assets held by non-accused persons may be attached if representing proceeds of crime.
AT dismissed the appeals and upheld attachment orders under PMLA, finding sufficient reasons to believe for the issuance of the provisional attachment order and show cause notice based on documentary evidence, witness statements, account transactions and an ECIR indicating fraudulent account openings, creation of shell entities and diversion of subsidized coal proceeds. The AT held ED may investigate the quantum and trail of proceeds of crime but need not re-probe predicate offences beyond identifying lacunae in police/CBI inquiries; ED may exceed the stated proceeds if new evidence emerges and refer supplemental material to police/CBI. Properties acquired prior to the scheduled offence were lawfully attached as equivalent value of proceeds, and assets held by non-accused persons may be attached if representing proceeds of crime.
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