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2024 (7) TMI 1566 - AT - Money LaunderingMoney Laundering - provisional attachment order - scheduled offence - appellant submitted that the properties attached by the respondent were acquired much prior to the alleged offence in the year 2015 and in July 2016 to January 2017 - whether the property under attachment were acquired prior to the commission of the crime? - HELD THAT - The issue aforesaid has been dealt with by this Tribunal in the case of Ayush Kejriwal vs. The Deputy Director Directorate of Enforcement Kolkata 2024 (6) TMI 451 - APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI where it was held that The fact is that the property was originally belonging to the accused Nirmal Kumar Kejriwal the grandfather of the appellant. A gift was made in the year 2020 in favour of the appellant whereas the FIR was registered in the year 2017 followed by the ECIR in the year 2019. The way property was given to the appellant has been noticed and as it was earlier belonging to one of the accused thus the documents were seized by the respondent and we do not find any illegality in it. The words the value of such property does specify it to be earlier to the crime or subsequent and we can insert words thus value of such property would mean the property acquired prior or subsequent to the crime. It is not that only those properties which have been were derived or obtained directly or indirectly out of the crime can be attached rather in case of non-availability of the property derived or obtained directly or indirectly rather when it is vanished or siphoned off the attachment can be of any property of equivalent value. It is necessary to clarify that the proceeds of crime would not only include the property derived or obtained directly or indirectly out of the criminal activity relating to the scheduled offence but any other property of equivalent value. The word or has been placed before the value of any such property and is of great significance. Any property of equivalent value can be attached when the proceeds directly or indirectly obtained out of the crime has been vanished or siphoned off. Here, the significance would be to the property acquired even prior to commission of crime - The word the value of any such property signifies without any embargo that it should be the property purchased after the commission of crime or prior to it rather it would apply in both the eventuality in the given circumstance. Thus the counsel for the appellant not agreed upon who has questioned the attachment in reference to the property acquired prior to commission of crime. Finding no merit in any of the issue raised the Appeal would fail and is dismissed.
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