The AT affirms dismissal of the appellant's challenge to a...

The AT affirms dismissal of the appellant's challenge to a provisional attachment order under money-laundering law. The Tribunal, applying higher-court precedent and statutory definition of "proceeds of crime," held that where proceeds have been dissipated, property of equivalent value may be provisionally attached. The respondents quantified proceeds at Rs.6,13,74,440, from which the appellant was shown to have received Rs.40,00,000; as those funds were not available, a property valued at Rs.16,60,000 acquired during the scheduled offence period was provisionally attached. Finding no merit in the sole ground of appeal, the AT dismissed the appeal and sustained the provisional attachment.

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