Looking to buy a private jet? Before you call a broker, check the Enforcement Directorate website. On July 1, ED auctioned a Hawker 800A jet for ₹3 cr, the first such sale under Prevention of Money Laundering Act (PMLA) 2002.
If you buy an aircraft at an ED auction, you are its owner. But don't confuse your ownership with ED's. Under PMLA, attachment is not ownership. ED may seize property, attach it, and with leave of the special court or adjudicating authority, sell a rapidly depreciating asset. ED said that the sale of the jet followed permission granted under Rule 4(2) of Prevention of Money-Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules 2013, underscoring that the agency acted under statutory authority, not as owner.
