PMLA Attachment Order Invalid: Tribunal Rules Actual Possession of Crime Proceeds Required, Not Just Theoretical Connection.

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....AT determined that provisional property attachment under PMLA was invalid where appellants lacked possession of crime proceeds. While "proceeds of crime" broadly encompasses property derived directly/indirectly from criminal activity and equivalent-value property, authorities must establish actual possession or likelihood of concealment/transfer. The tribunal found no evidence that appellants held proceeds or intended to transfer them. Additionally, pre-existing Company Law Board restrictions already prevented property transfers without Conciliation Board consent. The appeal challenging the attachment failed as authorities could not demonstrate the basic statutory requirements u/s 5(1) PMLA regarding possession or control of proceeds of crime. Appeal dismissed with the finding that mere theoretical connection to proceeds is insufficient for provisional attachment.....