FPA-PMLA-377/AHD/2012 of Ankit Jagdishbhai Patel v/s The Deputy Director Directorate of Enforcement, Ahmedabad
Case brief
What is this about?
The Appellate Tribunal upheld the confirmation of a provisional attachment order under the PML Act against a bona fide purchaser who demonstrated clean sources of funds and was not personally charged with Scheduled Offences. While rejecting arguments on retrospectivity and the sufficiency of reasons to believe, the Tribunal held that the attachment order itself was upheld. However, considering the appellant's bona fide investment and the hardship of deprivation, the Tribunal allowed the appeal on the condition that the appellant retain possession of the property pending trial, subject to the deposit of a monthly security sum of Rs. 25,000 into the Special Court.
What did the court decide?
The appeal is allowed with the condition that the appellant retain possession of the attached property pending trial, subject to depositing Rs. 25,000 monthly as security before the Special Court. If found innocent at trial, the deposit shall be refunded.