Benami property-assets held in a proxy's name-includes proceeds and converted forms, exposing concealed beneficial ownership.

Section 2(26) defines Property to include all movable and immovable assets, rights, instruments, converted forms and proceeds. Section 2(8) treats Benami Property as any asset that is the subject of a benami transaction and its proceeds. A benami transaction is one where a person (Benamidar) holds an asset in name only, having neither paid for nor enjoyed it, while the Beneficial Owner finances and intends to enjoy the asset; nominal or fictitious names and converted forms are included.

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