“ Attachment of property involved in money laundering ” - Sec.5
If a Director or any Other Officer ( notbelow the rank of Deputy Director ) - authorised by the Director - has any reason to believe ( reasons tobe recorded in writing ) - on the basis of the material in his possessionthat:-
i. anyPerson - is in possession of any proceeds of crime, ( and )
ii. such Person - has been charged of havingcommitted a scheduled offence ( and )
iii. such Proceeds - are likely to beconcealed, transferred (or) dealt with in any manner - which may result in frustrating any proceedings - relating tothe confiscation of such proceeds of crime ( under this chapter) - then, he may by order in writing -provisionally attach such property - for a period not exceeding 90 days ( from the date of the order) - in the manner provided in the Second Schedule - to the Income tax Act, 1961.
The aboveorder of attachment shall not be made - unless it is in relation to an Offenceunder Para 1 of Part A & B of the Schedule (or) Para 2 of Part A of theSchedule and a Report or a Police Report has been forwarded or filed.
The Director/ Authorised Officer shall immediately after the above attachment - forward acopy of such order ( alongwith the material in his possession ) - to theAdjudicating Authority in a sealed envelope ( in the prescribed manner ) andsuch Adjudicating Authority - shall keep such order and material - for theprescribed period.
The Director/ Authorised Officer - who provisionally attaches any property ( as above )shall also within a period of 30 days from such attachment - file a complaint -stating the facts of such attachment ( before the adjudicating authority ).
The Order ofAttachment made u/s. 5(1) shall - shall cease to have effect - after the expiryof 90 days or on the date of order - whichever is earlier.
It is given that the Person interested- is not prevented from enjoying the attached immovable property.