Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal dismissed

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The dominant issue was whether the attached properties constituted "proceeds of crime" under anti-money laundering law warranting confirmation of attachment. The record showed deliberate laundering through colorable explanations of income and consideration, admissions of attempting to regularize transactions via false and fabricated loan agreements, and use of a benami-like family arrangement coupled with appointment of an attorney to acquire properties, supported by statements recorded under Section 164 CrPC. Since the adjudicating authority and tribunal had rendered concurrent, detailed factual findings on these materials, no error of law or ground for interference was made out, and the appeal was dismissed, affirming the attachment. - HC....