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Attachment of property involved in money-laundering.

Section 5 - Attachment, Adjudication and Confiscation - Other Direct Tax Provisions - Section 5 - CHAPTER III ATTACHMENT, ADJUDICATION AND CONFISCATION 5. 1[(1) Where the Director or any other officer not below the rank of Deputy Director authorised by the Director for the purposes of this section, has reason to believe (the reason for such belief to be recorded in writing), on the basis of material in his possession, that- (a) any person is in possession of any proceeds of crime; and (b) such p .....

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as been forwarded to a Magistrate under section 173 of the Code of Criminal Procedure, 1973 (2 of 1974), or a complaint has been filed by a person authorised to investigate the offence mentioned in that Schedule, before a Magistrate or court for taking cognizance of the scheduled offence, as the case may be, or a similar report or complaint has been made or filed under the corresponding law of any other country: Provided further that, notwithstanding anything contained in 2[first proviso], any p .....

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he Director, or any other officer not below the rank of Deputy Director, shall, immediately after attachment under sub-section (1), forward a copy of the order, along with the material in his possession, referred to in that sub-section, to the Adjudicating Authority, in a sealed envelope, in the manner as may be prescribed and such Adjudicating Authority shall keep such order and material for such period as may be prescribed. (3) Every order of attachment made under sub-section (1) shall cease t .....

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interest in the property. (5) The Director or any other officer who provisionally attaches any property under sub-section (1) shall, within a period of thirty days from such attachment, file a complaint stating the facts of such attachment before the Adjudicating Authority. - Notes: 1. Substituted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was reads as: "(1) Where the Director, or any other officer not below the rank of Deputy Director authorised .....

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