Section 5. Serial number (2) omitted by Act 2 of 2013, s. 30 (w.e.f. 15-2-2013)

5. Serial number (2) omitted by Act 2 of 2013, s. 30 (w.e.f. 15-2-2013). 6. Ins. by Act 22 of 2015, s. 88 (w.e.f. 1-4-2016). CHAPTER III ATTACHMENT, ADJUDICATION AND CONFISCATION 5. Attachment of property involved in money-laundering.—[4] [(1)Where the Director or any other officer not below the rank of Deputy Director authorised by the Director for the purposes of this 1. Subs. by Act 2 of 2013, s. 3, for "proceeds of crime and projecting" (w.e.f. 15-2-2013). 2. Ins. by Act 23 of 2019, s. 193 (w.e.f. 1-8-2019). 3. The words "which may extend to five lakh rupees" omitted by Act 2 of 2013, s. 4 (w.e.f. 15-2-2013). 4. Subs. by s. 5, ibid ., for sub-section (1) (w.e.f. 15-2-2013). section, has reason to believe (the reason for such belief to be recorded in writing), on the basis of material in his possession, that— (a) any person is in possession of any proceeds of crime; and (b) such proceeds of crime are likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings relating to confiscation of such proceeds of crime under this Chapter, he may, by order in writing, provisionally attach such property for a period not exceeding one hundred and eighty days from the date of the order, in such manner as may be prescribed: Provided that no such order of attachment shall be made unless, in relation to the scheduled offence, a report has been forwarded to a Magistrate under section 173 of the Code of Criminal Procedure, 1973 (2 of 1974), or a complaint has been filed by a person authorised to investigate the offence mentioned in that Schedule, before a Magistrate or court for taking cognizance of the scheduled offence, as the case may be, or a similar report or complaint has been made or filed under the corresponding law of any other country: Provided further that, notwithstanding anything contained in[1] [first proviso], any property of any person may be attached under this section if the Director or any other officer not below the rank of Deputy Director authorised by him for the purposes of this section has reason to believe (the reasons for such belief to be recorded in writing), on the basis of material in his possession, that if such property involved in money-laundering is not attached immediately under this Chapter, the non-attachment of the property is likely to frustrate any proceeding under this Act:] 2[Provided also that for the purposes of computing the period of one hundred and eighty days, the period during which the proceedings under this section is stayed by the High Court, shall be excluded and a further period not exceeding thirty days from the date of order of vacation of such stay order shall be counted.]; (2) The Director, or any other officer not below the rank of Deputy Director, shall, immediately after attachment under sub-section (1), forward a copy of the order, along with the material in his possession, referred to in that sub-section, to the Adjudicating Authority, in a sealed envelope, in the manner as may be prescribed and such Adjudicating Authority shall keep such order and material for such period as may be prescribed. (3) Every order of attachment made under sub-section (1) shall cease to have effect after the expiry of the period specified in that sub-section or on the date of an order made under[3] [sub-section (3)] of section 8, whichever is earlier. (4) Nothing in this section shall prevent the person interested in the enjoyment of the immovable property attached under sub-section (1) from such enjoyment. Explanation . — For the purposes of this sub-section, "person interested", in relation to any immovable property, includes all persons claiming or entitled to claim any interest in the property. (5) The Director or any other officer who provisionally attaches any property under sub-section (1) shall, within a period of thirty days from such attachment, file a complaint stating the facts of such attachment before the Adjudicating Authority. (sc) "precious stone" means diamond, emerald, ruby, sapphire or any such other stone as may be notified by the Central Government;] (t) "prescribed" means prescribed by rules made under this Act; (u) "proceeds of crime" means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property 3[or where such property is taken or held outside the country, then the property equivalent in value held within the country][4] [or abroad]; 5[ Explanation .—For the removal of doubts, it is hereby clarified that "proceeds of crime" include property not only derived or obtained from the scheduled offence but also any property which may directly or indirectly be derived or obtained as a result of any criminal activity relatable to the scheduled offence;] (v) "property" means any property or assets of every description, whether corporeal or incorporeal, movable or immovable, tangible or intangible and includes deeds and instruments evidencing title to, or interest in, such property or assets, wherever located; 1[ Explanation .—For the removal of doubts, it is hereby clarified that the term "property" includes property of any kind used in the commission of an offence under this Act or any of the scheduled offences; (va) "real estate agent" means a real estate agent as defined in clause (88) of section 65 of the Finance Act, 1994 (32 of 1994);] (w) "records" include the records maintained in the form of books or stored in a computer or such other form as may be prescribed; 1 [(wa) "reporting entity" means a banking company, financial institution, intermediary or a person carrying on a designated business or profession;] - (x) "Schedule" means the Schedule to this Act; - (y) "scheduled offence" means — (i) the offences specified under Part A of the Schedule; or 6[(ii) the offences specified under Part B of the Schedule if the total value involved in such offences is[7] [one crore rupees] or more; or 1. Ins. by Act 2 of 2013, s. 2 (w.e.f. 15-2-2013). 2. Subs. by Act 23 of 2019, s. 192, for sub-clause (ii) (w.e.f. 1-8-2019). 3. Ins. by Act 20 of 2015, s. 145 (w.e.f. 14-5-2015). 4. Ins. by Act 13 of 2018, s. 208 (w.e.f. 19-4-2018). 5. Ins. by Act 23 of 2019, s. 192 (w.e.f. 1-8-2019). 6. Subs. by Act 21 of 2009, s. 2, for sub-clause (ii) (w.e.f. 1-6-2009). 7. Subs. by Act 20 of 2015, s. 145, for "thirty lakh rupees" (w.e.f. 14-5-2015). (iii) the offences specified under Part C of the Schedule.] (z) "Special Court" means a Court of Session designated as Special Court under sub-section (1) of section 43; (za) "transfer" includes sale, purchase, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession or lien; (zb) "value" means the fair market value of any property on the date of its acquisition by any person, or if such date cannot be determined, the date on which such property is possessed by such person. (2) Any reference, in this Act or the Schedule, to any enactment or any provision thereof shall, in relation to an area in which such enactment or such provision is not in force, be construed as a reference to the corresponding law or the relevant provisions of the corresponding law, if any, in force in that area.