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2011 (9) TMI 1143 - HC - Money LaunderingPrevention of Money-Laundering Act, 2002 - Held that:- If the appellants were eventually entitled for return of the deposit on the conclusion of the trial against the accused persons concerning the Scheduled Offence. The fact that the appellants are likely to suffer financial loss because of the difference of rate of interest cannot be the basis to hold that the Appropriate Authority could not have proceeded to provisionally attach the subject property, which, it had reason to believe, was proceeds of crime. Indeed, whether the appellants ought to be compensated and by whom is a matter which can be addressed at the appropriate stage; but, certainly, because the appellants are likely to suffer loss of interest to some extent cannot be the basis to doubt the action of the Appropriate Authority, which action is in conformity with the scheme of the PMLA. That takes us to the argument that the order of provisional attachment does not disclose the satisfaction of the Authority that it has reason to believe that the properties were derived from proceeds of crime. This argument deserves to be stated to be rejected. In the earlier part of the judgment, we have already reproduced the provisional attachment order as well as the notice to show cause in its entirety. On conjoint reading thereof, it is amply clear that the Appropriate Authority has recorded satisfaction of having reason to believe that the properties were involved in money laundering and may have to be eventually confiscated, for which, were required to be provisionally attached. Hence, there is no substance even in this submission.
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