PMLA s.5(1) provisional attachment of property allegedly bought from crime proceeds upheld despite valuation mismatch and no independent valuation

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....Provisional attachment under s.5(1) PMLA was challenged as invalid for want of recorded apprehension that the property was likely to be concealed, transferred, or dealt with to frustrate confiscation. It was held that "reasons to believe" may be formed on the likelihood of alienation, and the competent authority had recorded a conclusion that non-attachment would likely frustrate proceedings, satisfying s.5(1). The attachment was also assailed on valuation, contending mismatch between proceeds of crime and property value and seeking independent valuation. It was held that no statutory provision permits an independent valuation at the instance of the noticee, and the property value adopted was lower than the proceeds of crime; the challenge failed and the appeal was dismissed. - AT....