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Proceedings initiated against property held by petitioner in India to extent of proceedings of crime held overseas

February 5, 2019[2019] 101 466 (Delhi)

FEMA, BANKING & INSURANCE : Where there was no allegation of money-laundering against purchaser who had purchased shares from floor of exchange and paid reasonable consideration for same, Enforcement Directorate could not have withheld and frozen shares to be delivered in settlement to purchaser

FEMA, BANKING & INSURANCE : Scheme of effecting provisional attachment and seizure of property under PMLA is wholly inconsistent with one as enacted under Cr.P.C. as property under Cr.P.C. can be seized on mere suspicion whereas under PMLA reasons for attaching property are to be recorded in writing

FEMA, BANKING & INSURANCE : Where it is established that petitioners held any property overseas, which is derived or obtained by a scheduled offence, Enforcement Directorate would be well within its right to initiate proceedings against any property held by petitioners in India to extent of value of proceeds of crime held overseas

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