Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitation.

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Full Text of the Document

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....Retention of seized property under the Prevention of Money Laundering Act requires the Adjudicating Authority to record reasons to believe, based on available material, that the property is required for adjudication and represents proceeds of crime. The text states that examination of unexplained investments and unsecured loans supported retention of records, jewellery, cash and electronic devices. It further explains that a Supreme Court stay of an order quashing an ECIR renders the quashing order ineffective while the stay operates, reviving the prior position for continuation of proceedings. For limitation, the period during which investigation was stayed by a court is excluded; on that basis, the prosecution complaint was within time.....