Equivalent Value Doctrine Affirmed: Tribunal Upholds Attachment Even for Pre-Offence Properties under PMLA

Smt. Reshma Biswas Das Vs Deputy Director (Appellate Tribunal Under SAFEMA Delhi) The Appellate Tribunal under SAFEMA dismissed the appeal and upheld the provisional attachment under PMLA, rejecting the core contention that properties unconnected with criminal activity (and acquired prior to the offence) cannot be attached. The case arose from a bank fraud involving diversion of loan funds, where proceeds of crime were siphoned off and became untraceable. The Tribunal held that the definition of “proceeds of crime” under Section 2(1)(u) has multiple limbs and clearly includes not only tain...