1[68Y. Punishment for acquiring property in relation to which proceedings have been taken, under this Chapter.– Any person who knowingly acquired, by any mode whatsoever, any property in relation to which proceedings are pending under this Chapter shall be punishable with imprisonment for a term which may extend to five years and with fine which may extend to fifty thousand rupees.]
1. Ins. by Act 2 of 1989, s. 19 (w.e.f. 29-5-1989)
Simplified Explanation
Section 68Y addresses the punishment for acquiring property that is involved in proceedings under this Chapter. It specifically applies to individuals who acquire such property knowing that it is subject to legal proceedings.
Key Provisions of Section 68Y:
- Offense Description:
- The section makes it an offense for any person to knowingly acquire property that is under investigation or subject to proceedings under this Chapter.
- Punishment:
- Imprisonment: The person found guilty can face imprisonment for a term up to five years.
- Fine: In addition to imprisonment, the guilty party may also be fined up to fifty thousand rupees.
Implications of Section 68Y:
- Preventing Illicit Property Transfers:
- The section aims to prevent the illegal acquisition of property that is already under scrutiny or proceedings, thus protecting the integrity of the process.
- Punishment for Bad Faith:
- The law holds individuals accountable for acquiring property in bad faith or with knowledge of its involvement in legal proceedings. This provision helps deter people from trying to profit from illegally acquired assets during the investigation or forfeiture process.
- Deterrent Measure:
- By imposing both imprisonment and fines, this provision acts as a strong deterrent against attempts to acquire property that is the subject of legal proceedings, ensuring compliance with the legal process.
Example:
If someone knowingly buys property that is under investigation or has been seized as a result of proceedings under this Chapter (for instance, property suspected of being the proceeds of crime), they would be committing an offense. If convicted, they could face up to five years of imprisonment and a fine of up to fifty thousand rupees.
Conclusion:
Section 68Y plays a crucial role in maintaining the integrity of legal proceedings by penalizing those who knowingly attempt to acquire property under investigation. The combination of imprisonment and fines serves as a strong deterrent, ensuring that individuals do not exploit or interfere with ongoing legal actions related to the forfeiture or investigation of illicit property.
