ED Must Release Seized Properties After Adjudicating Authority Drops PMLA Attachment Confirmation Request.

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....When authorities of Enforcement Directorate (ED) have reasons to believe, based on material, that any person possesses proceeds of crime and is likely to conceal or create encumbrance to frustrate confiscation proceedings, ED would be justified in issuing provisional attachment order of such properties and seeking confirmation from Adjudicating Authority. Provisional attachment u/s 5(1) of PMLA is valid for 180 days. u/s 5(3), provisional attachment ceases after 180 days. When ED sought confirmation of provisional attachment before Adjudicating Authority and it was dropped, provisional attachment lapses due to limitation u/s 5(1). Consequently, there is no attachment over subject properties. Direction to ED to revoke and release attachment and seizure of movable and immovable properties of petitioners within two weeks - Petition allowed.....