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Whether properties may be attached as "proceeds of crime":...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinvestigation required
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Whether properties may be attached as "proceeds of crime": applying the statutory definition's second limb and precedent, the tribunal held that the value of property equivalent to tainted proceeds may be attached where proceeds cannot be traced to specific assets; outcome - attachment of equivalent-value properties upheld. Whether there was reason to believe for PAO and confirmation: on evidence of fraudulent bank loans supported by documents and outstanding defalcations, the tribunal found sufficient reason to believe likelihood of concealment; outcome - PAO and confirmation sustained against the appellants. Whether ED must independently reinvestigate predicate offences: ED may rely on police/CBI probe and point out lacunae but cannot re-decide predicate guilt or quantum; outcome - no independent ED investigation required. - AT
Whether properties may be attached as "proceeds of crime": applying the statutory definition's second limb and precedent, the tribunal held that the value of property equivalent to tainted proceeds may be attached where proceeds cannot be traced to specific assets; outcome - attachment of equivalent-value properties upheld. Whether there was reason to believe for PAO and confirmation: on evidence of fraudulent bank loans supported by documents and outstanding defalcations, the tribunal found sufficient reason to believe likelihood of concealment; outcome - PAO and confirmation sustained against the appellants. Whether ED must independently reinvestigate predicate offences: ED may rely on police/CBI probe and point out lacunae but cannot re-decide predicate guilt or quantum; outcome - no independent ED investigation required. - AT
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