Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
AT upheld the provisional attachment of properties held by the appellant and family as "equivalent value" of proceeds of crime under Sections 5 and 2(1)(u) PMLA, and dismissed the appeal. It found overwhelming evidence that the appellant fraudulently obtained foreign exchange by submitting forged documents to banks and remitted it abroad under the guise of software imports that never occurred. Statements of the appellant and collaborators of limited means corroborated a structured modus operandi, including creation of foreign entities to receive funds. Relying on the settled interpretation of "proceeds of crime" and "value thereof," AT rejected the contention that pre-crime acquisitions could not be attached.
AT upheld the provisional attachment of properties held by the appellant and family as "equivalent value" of proceeds of crime under Sections 5 and 2(1)(u) PMLA, and dismissed the appeal. It found overwhelming evidence that the appellant fraudulently obtained foreign exchange by submitting forged documents to banks and remitted it abroad under the guise of software imports that never occurred. Statements of the appellant and collaborators of limited means corroborated a structured modus operandi, including creation of foreign entities to receive funds. Relying on the settled interpretation of "proceeds of crime" and "value thereof," AT rejected the contention that pre-crime acquisitions could not be attached.
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