Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
AT held that the provisional attachment of the immovable property in question was lawful and constituted a valid measure to preserve proceeds of crime. The tribunal found that Company X, in collusion with Bank Y and Individuals A and B, mortgaged third-party properties and submitted fabricated documents to obtain a Rs.15 crore factoring facility; funds were diverted for personal use, resulting in illegal gratification of Rs.50 lakhs to the appellant and misappropriation of approximately Rs.9 crores. Given these findings of commission of criminality and diversion of proceeds, there was no infirmity in attaching the flat; accordingly the appeal challenging the provisional attachment was dismissed and the order upheld.
AT held that the provisional attachment of the immovable property in question was lawful and constituted a valid measure to preserve proceeds of crime. The tribunal found that Company X, in collusion with Bank Y and Individuals A and B, mortgaged third-party properties and submitted fabricated documents to obtain a Rs.15 crore factoring facility; funds were diverted for personal use, resulting in illegal gratification of Rs.50 lakhs to the appellant and misappropriation of approximately Rs.9 crores. Given these findings of commission of criminality and diversion of proceeds, there was no infirmity in attaching the flat; accordingly the appeal challenging the provisional attachment was dismissed and the order upheld.
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