Application dismissed; provisional attachment under PMLA s.5(1) upheld as loans diverted for personal use, charges reduction denied

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....The AT dismissed the appellant's application and upheld the provisional attachment of the immovable property under PMLA, holding that the respondent Directorate possessed sufficient material and reasons to believe under s.5(1) when issuing the Provisional Attachment Order. The Tribunal found the Directorate's case-though relying substantially on recorded statements-corroborated by documentary material showing diversion of export-linked bank loans for personal use, including acquisition of the attached property, and noted the Adjudicating Authority afforded the appellant opportunity to defend. The appellant's motion to reduce occupation and user charges was rejected for lack of evidentiary support and because the earlier stay did not mandate market-rent fixation; the application is dismissed.....