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2019 (5) TMI 816 - AT - Money LaunderingOffence under PMLA - attachment of Appellant's residential property - . Procedure prescribed under Section 5 of the PMLA was not followed by the Adjudicating Authority - HELD THAT:- Copy of reason to believe were not produced before this tribunal nor any copy was served. The same were not re-produced in the notice issued under section 8(1) of the Act nor those are either mentioned in the counter-affidavit or annexed therewith. Counsel of respondent submits that there is no requirement to record the reasons to believe separately. The same are to be mentioned in the provisional attachment order only. PMLA is a preventive measure and not a punitive measure. In the present case inspite of admitted fact that the amount in far excess of the alleged POC is secured with the CBI Court, the appellant cannot be compelled to again secure the amount. The attachment of appellant premises was not called for. The immovable worth more than 50 crores could not have been attached against the alleged proceed of crime.
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