Daily Current Affairs Article 1st January 2021: The attached properties include Farooq Abdullah’s Gupkar Road residence in Srinagar, where he lives. They also include two other residential properties in Tangamarg and Sunjwan, apart from commercial properties on Srinagar’s Residency Road.
The ED order would be valid for 180 days, during which time it must be confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). If it is not confirmed, the property would be automatically released from attachment.
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And if it is, the accused can challenge the confirmation in the Appellate Tribunal within 45 days, and subsequently in the concerned High Court and the Supreme Court.
The purpose of attachment is to deprive an accused of the benefits of the attached asset. The law also provides for the property to remain out of bounds for the accused until the trial is complete.
Under PMLA, proceeds of crime money generated out of a criminal activity — is attached on the directions of the ED Director. However, if that wealth is not available, the agency can attach property equivalent to that value.
