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TMI Blog2025 (3) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... person as a result of criminal activity relating to a scheduled offence or the value of any such property comes under the proceeds of crime. Therefore, the definition of 'value' as defined under Section 2(1)(zb) cannot be read in isolation. It has to be read along with the definition of 'property' and 'proceeds of crime' in order to achieve the aims and objectives of the PMLA Act. If all three definitions are read conjointly, there would be no need to redraft the definition of 'value', as prayed by the petitioner by way of this petition. A definition is not to be read in isolation. Conclusion - The definition of 'value' as defined under Section 2(1)(zb) cannot be read in isolation. It has to be rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sanwer, District Indore, Madhya Pradesh for a total consideration of Rs. 4,63,25,000/-. According to the petitioner, the said property was not purchased by using funds received from any of the co-accused persons or their alleged entities through any proceeds of crime (in short 'POC'). On 21.08.2017, the petitioner company entered into a sale agreement with M/s Swaraj Overseas (a company allegedly owned by Naresh Jain) for the sale of the said property for consideration of Rs. 8,21,00,000/-. M/s Swaraj Overseas paid an amount of Rs. 5,90,45,403/- in the month of August 2017, but to date, no sale deed has been executed. 3. It is further submitted that an FIR No. 179/2018 was registered against Naresh Jain by the Economic Offence Wing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finition of the word 'value' under Section 2(1)(zb) of the PMLA Act is unreasonable, manifestly arbitrary and contrary to law and accordingly the same is liable to be struck down as it creates no distinction between the property acquired directly from the proceeds of crime and that which has been acquired from the legitimate source of funds. The petitioner by way of this petition is suggesting redrafting the definition of the word 'value' by inserting the words 'any property acquired from proceeds of crime' and a proviso to the effect that, 'when the property is not acquired from the proceeds of crime, then it means the fair market value of any property on the date of attachment'. We have heard the learned c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation. - For the removal of doubts, it is hereby clarified that the term ''property'' includes property of any kind used in the commission of any offence under this Act or any of the scheduled offences;] 9. As per the Explanation, it has been clarified that the term 'property' includes the property of any kind used in the commission of an offence under this Act or any of the scheduled offences. 10. Section 2(u) of the PMLA Act defines the 'Proceeds of Crime' (POC) which reads as under: ''proceeds of crime'' means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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