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TMI Blog2024 (10) TMI 226X X X X Extracts X X X X X X X X Extracts X X X X ..... g with Section 120-B IPC. It is not in dispute that a sum of Rs.89,68,000/- was seized by the CBI and the amount now remains under seizure pursuant to the order of the CBI Court. In those circumstances, it could not be clarified by the respondent as to whether there were likely of transfer or alienation of the said amount to frustrate the proceedings for confiscation. The perusal of Section 5(1)(b) would reveal that the attachment of the property can be made when the `proceeds of crime is likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings relating to the confiscation of such proceeds of crime. In the instant case, `proceeds of crime is said to be a sum of Rs.89,68,000/- and was se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 799/CHD/2019 (Exem.) FPA-PMLA-3357/CHD/2019 MP-PMLA-6996/CHD/2020 (Misc.) MP-PMLA-6704/CHD/2019 (Stay) FPA-PMLA-3358/CHD/2019 MP-PMLA-6710/CHD/2019 (Misc.) MP-PMLA-6707/CHD/2019 (Stay) FPA-PMLA-3359/CHD/2019 JUSTICE MUNISHWAR NATH BHANDARI: CHAIRMAN And SHRI BALESH KUMAR : MEMBER For the Appellants :Shri Arshdeep Singh Khurana, Shri Sulakshan S.V., Shri Nikhil Pawar, Shri R.K. Mohit Gupta, Shri Ankur Chawla, Advocates For the Respondent : Shri Aditya Singla, Advocate ORDER FPA-PMLA-3352,53,55-59/CHD/2019 By this appeal under Section 26 of the Prevention of Money Laundering Act, 2002 (in short `the Act of 2002 ), a challenge is made to the order dated 17.10.2019 passed by the Adjudicating Authority confirming the Provisional Attachment Order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs.Atul Verma Or s. reported in MANU/MH/2362/2011 was given to support the argument. The prayer was accordingly made to dismiss the appeal. 4.We have considered the rival submissions and perused the record carefully. 5.It is a case where an FIR was registered for the offence under Section 7,8 and 10 of the PC Act along with Section 120-B IPC. It is not in dispute that a sum of Rs.89,68,000/- was seized by the CBI and the amount now remains under seizure pursuant to the order of the CBI Court. In those circumstances, it could not be clarified by the respondent as to whether there were likely of transfer or alienation of the said amount to frustrate the proceedings for confiscation. To address the issue, it would be gainful to quote Section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor or any other officer not below the rank of Deputy Director authorised by him for the purposes of this section has reason to believe (the reasons for such belief to be recorded in writing), on the basis of material in his possession, that if such property involved in money-laundering is not attached immediately under this Chapter, the non-attachment of the property is likely to frustrate any proceeding under this Act. Provided also that for the purposes of computing the period of one hundred and eighty days, the period during which the proceeding under this section is stayed by the High Court, shall be excluded and a further period not exceeding thirty days from the date of order of vacation of such stay order shall be counted . 6.The pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trate the proceeding of confiscation rather the property in question was attached by the Special Court much prior to the order for provisional attachment. The Special Court attached the properties by its order dated 19.03.2015 thus there was no likelihood of transfer or concealment of the property. Ignoring the requirement and mandate of Section 5(1) of the Act of 2002, the order of provisional attachment was passed. It is no doubt that the provisions of the Act of 2002 are having over riding effect to other legislation in case of conflict but in this case, we do not find any conflict between two legislations. The property can be attached by the respondent department under Section 5 of the Act of 2002, but it can be when they possess materi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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