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2020 (2) TMI 1314 - AT - Money LaunderingMoney Laundering - attachment of immovable properties - proceeds of crime - siphoning off of funds - ‘status quo’ order - HELD THAT:- So far as the other land is concerned, the same is admittedly a vacant land wherein, as per the submissions of the appellants certain plants have been grown to keep it green and the appellants have offered for substitution of the property in question by way of fixed deposit to the extent of proceeds of crime attributed against these appellants. The learned counsel for the Respondent may take appropriate instructions from the ED regarding these offers of the appellants. It is not disputed by the Respondent that these two properties are attached as a value equivalent to the proceeds of crime. That being so and in view of the submission made above during the course of hearing there appears that the appellants have made out a prima facie of issue of ad-interim order of “status quo” at this stage. Attachments shall continue - Legal and constructive possession of ED shall remain over the properties - the appellant is prohibited from transferring, converting or disposing the property in question in favour of any third party - No encumbrance shall be created by the appellant in respect of the properties. List the stay application for hearing on 1st April, 2020.
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