Section 9: Investigation

9. Investigation. (1) The investigating officer shall, not later than seven days from the date of order of attachment made under sub-section (1) of section 8 or, seizure of property under section 14 or section 15, serve a notice of not less than thirty days on the person concerned. The notice shall call upon such person to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the property attached under sub-section (1) of section 8, or, seized under section 14 or section 15, the evidence on which he relies and other relevant information and particulars, and to show cause why all or any of such properties should not be declared to be the properties involved in money laundering and forfeited to the Federal Government: Provided that where a notice under this sub-section specifies any property as being held by a person on behalf of any other person, a copy of such notice shall also be served upon such other person: Provided further that where such property is held jointly by more than one person, such notice shall be served upon all persons holding such property. (2) The investigating officer shall, after (a) considering the reply, if any, to the notice issued under sub-section (1); (b) hearing the aggrieved person; and (c) taking into account all relevant materials placed on record before him; record a finding whether all or any other properties referred to in the notice issued under sub-section (1) are [properties] involved in money laundering: Provided that if the property is claimed by a person, other than a person to whom the notice had been issued, such person shall also be given an opportunity of being heard to prove that the property is not [a property] involved in money laundering. (3) Where the investigating officer on the basis of report received from the concerned investigating agency determines under sub-section (2) that [a] property is [the property] involved in money laundering, he shall apply to the Court for an order confirming the attachment of the property made under sub-section (1) of section 8 or retention of property or record seized under section 14 or section 15. [*******] [clause (a) and (b) *******] [(3A) The Court may, after giving opportunity of hearing to the persons concerned with the property attached under sub-section (1) of section 8 or retained or seized under section 14 or section 15, pass an order confirming the attachment, retention, seizure or, as the case may be, release of the property. The attachment or retention or seizure of the property shall (a) continue during the pendency of the proceedings relating to any predicate offence or money laundering before a Court; and (b) become final if it is proved in the Court that the property is the property involved in money laundering.] (4) Where the provisional order of attachment made under sub-section (1) of section 8 has been confirmed under sub-section 3 [A], the investigating officer shall forthwith take possession of the attached property: Provided that where the property seized is perishable in nature or subject to speedy and natural decay, or when the expense of keeping it in custody is likely to exceed its value, the Court may, on the application of the investigating officer, order immediate sale of the property in any manner deemed appropriate in the circumstances. (5) Where on conclusion of a trial for any predicate offence [and] money laundering, the person concerned is acquitted, the attachment of the property or retention [or seizure of the] property or record under sub-section 3 [A] and net income, if any, shall cease to have effect. (6) Where the attachment of any property or retention 1[or seizure of the] property or record becomes final under clause (b) of sub-section 3 [A], the Court shall, [*****] make an order for forfeiture of such property. (7) After passing the order of forfeiture under sub-section (6) [***], the Court [shall] direct the release of all properties other than the properties involved in money laundering to the persons from whom such properties were seized.

Effective date: 2010-03-27

Amendment history

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