: Adjudicating Authority under PMLA confirmed the attachment of assets belonging to the National Herald newspaper.
About Adjudicating Authority under PMLA:
- Section 5 of the PMLA authorizes the attachment of property believed to be procured through crime.
- The Enforcement Directorate (ED) Director can issue a provisional attachment order if there’s a suspicion that the proceeds of crime might be concealed, transferred, or dealt with in ways that could impede the process of confiscation.
- This provisional order is valid for 180 days and must be confirmed by an Adjudicating Authority within this period; otherwise, the property is released.
- The adjudicating authority, appointed by the central government, determines if the attached properties are involved in money laundering.
- If confirmed, the accused retains the right to use the property until the authority confirms the attachment, after which the ED can take possession.
What Happens to Attached Properties?
- After attachment confirmation by the Adjudicating Authority, the accused can appeal within 45 days at the PMLA’s Appellate Tribunal.
- If appeals fail and the tribunal confirms the order, further challenges can be made up to the High Court.
- The property remains inaccessible until the trial concludes.
- Upon conviction, the property may be confiscated and ownership transferred to the central government.
Attached properties, including vehicles, may be locked for years, leading to deterioration and decay, with storage costs sometimes surpassing the property’s value
Ref:Source
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