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2015 (7) TMI 1255 - APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHIProvisional attachment - Manner of taking possession of immovable property - plea of the applicant is that the four immovable properties valued at ₹ 5.6 crores and one fixed deposit of ₹ 3 crores which have been attached are not proceed of crime but they have been attached for the value thereof so that assets equal to proceeds of crime i.e. ₹ 8.6 crores are available for proceedings relating to confiscation under PMLA and if the four immovable properties are allowed to be replaced by fixed deposits of equivalent value, the purpose of the attachment will be served in full Held that:- At this stage we are not deciding whether the attachment of properties is right or wrong as the same will be decided at the time of disposal of the appeal. Assuming that the attachment order is sustainable, we agree with the plea of the respondent that in the facts and circumstances of the present case, there is no provision under PML Act and Rules made thereunder which will entitle the applicant for replacement of immovable property under attachment with fixed deposit. The applicant has also not made out a case for exceptional circumstances and to justify the same for release of immovable properties in lieu of fixed deposits. Though the counsel for applicant also offered extra amount of fixed deposit equal to interest for the period from the date of attachment but such a plea cannot be accepted in the absence of any provision under the law and considering the fact that after attachment of immovable property, there may be appreciation in the market value of those properties which is not ascertained. Further, the applicant has not challenged that on the date of attachment, other properties such as deposits in bank were available which could or should have been attached by the respondent instead of four immovable properties as attached which would have served the purpose of attachment. Rather the plea of the respondent that he has attached assets of the applicant on 4-10-2012 on the basis of the statement of the director of applicant company u/s 50 of PMLA and other material/detail of assets as available after investigation till then was not even disputed by the applicant. Application dismissed.
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