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  1. #1
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    What happens to the property after it is attached by ED


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    In the Nirav Modi case and others, the government "Attaches" valuable property. It may be sound good and ominous. The common public forgets about it next day.

    The government is least bothered about the property value after 10 minutes.

    The owner of the property is either absconding or in Jail, so obviously they are not going to take care of the property.

    No one pays the property Tax, No one occupies or manages the property. The property remains vacant and derelict. It becomes an eyesore. It attracts Rats and vandalism.

    There was a beautiful house in my brother's neighborhood worth Rs 10 CR, it stands vandalized today. The authorities and the neighborhood get ZERO restitution.


    In the USA Tax courts are swift and after due process, the buildings are auctioned off, so the neighborhood is preserved. The authorities get at least 70% of the value.
    Last edited by prasad1; 01-03-2018 at 05:00 PM.
  2. #2
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    So far not a single paisa "taken back" (???) is used for the welfare of the poor!!

    For media: veRum vAykku aval !!
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  4. #3
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    Quote Originally Posted by Raji Ram View Post
    So far not a single paisa "taken back" (???) is used for the welfare of the poor!!

    For media: veRum vAykku aval !!

    Hope the next to-be elected Government will certainly think about this.....

    And the general public know better to elect a right Government.......will they do.....?????
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  6. #4
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    Quote Originally Posted by prasad1 View Post


    In the USA Tax courts are swift and after due process, the buildings are auctioned off, so the neighborhood is preserved. The authorities get at least 70% of the value.


    We are governed by rule of law.

    There are rules, established procedures and guidelines prescribed on this subject which needs to followed scrupulously while seizing and disposing of movable and immovable properties

    Hope this is for movable properties.

    Guidelines issued for disposal of case properties


    To read more click here


    There are guideliness issued by RBI to be followed in respect immovable properties.

    It is not certainly something so easy like buying a GUN in USA.lol

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  8. #5
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    VB ji,

    I agree with you. More or less it requires an integrated and co-ordinated action by Enforcement Directorate, Police Department, High Court/SC besides following the Reserve Bank of India's guide lines. A big issue overcoming Red Tap-ism.
    Last edited by dhikshita; 02-03-2018 at 08:31 AM.
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  10. #6
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    The problem with us is that we do not develop a comprehensive system with policies & detailed procedures end to end...We leave with so many loop holes..I think because of laxity many such properties would be taken back by original owner or resold! Who knows the truth?
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  12. #7
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    I agree with you 100%. Political influence spoil the devepment of our country and can never be prevented by anybody or promulgation of any ordinance. God alone to save poor people of our country as it is a country with thousands of political parties.of course people with confidence here because of UNITY IN DIVERSITY.
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  14. #8
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    Yes, political influence may hinder the proceeds of confiscated property reaching the poor.
    But there must be a comprehensive approach to dispose of the confiscated property in a timely fashion.
    Otherwise, a valuable property is withered to dust.
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  16. #9
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    The price catches of ED in recent years....



    Wanted: A house for Rs 16,000 crore assets seized by ED

    NEW DELHI: Luxury cars, acres of farmland and buildings in prime locations — some of the assets worth more than Rs 16,000 crore that the Enforcement Directorate has seized — could soon be handed over to an agency to manage while their fate is being decided.

    “These assets are lying idle... They can be put to better use,” a senior government official said. If nothing else, at least their value needs to be preserved, he said.

    Most of the assets are under provisional attachment and thus cannot be sold by the government to enforce penal provisions or recover dues. The government is also looking at the option of getting some revenue in the form of rentals from the properties.

    This follows a sharp increase in assets seized in recent years in the wake of the government’s crackdown on black money. The Enforcement Directorate attached property worth Rs 9,300 crore in 2016, up sharply from Rs 3,640 crore in the previous year. Some of the assets attached are tied to bank frauds and revenue loss caused to the government.




    Independent Agency with Expertise

    As the government has persisted with its campaign against black money, the value of assets seized should have risen sharply in the current calendar year as well.


    Read more at:
    //economictimes.indiatimes.com/articleshow/61731298.cms?utm_source=contentofinterest&utm_medi um=text&utm_campaign=cppst
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