Appeals dismissed; attachments upheld after Section 50(2) statements linked properties to proceeds of crime, bona fide claim rejected

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....The AT dismissed all appeals, upholding attachment orders as the appellants were held to be in possession of proceeds of crime. The tribunal treated appellants' admissions and Section 50(2) witness statements as probative evidence of a fraudulent scheme siphoning bank funds, establishing that portions of the contested properties represented proceeds of crime. Claims that properties were acquired bona fide by registered sale deed failed for lack of disclosed lawful source of consideration. Allegations of procedural non-application of mind and non-involvement in the predicate offence were rejected as contrary to appellants' own admissions and the record. Consequently, the attachments stand and the appeals are dismissed.....