The Delhi High Court on Friday held that a coal block allocation letter constitutes “property” within the meaning of the Prevention of Money Laundering Act (PMLA) (Directorate of Enforcement v M/s Prakash Industries Limited and Anr) . A Division Bench of Justices Anil Kshetarpal and Harish Vaidyanathan Shankar said that the coal block allocation letter is an instrument evidencing a right or interest to obtain a mining lease from the government and extract coal through its utilisation. As per the definition of property provided under Black’s Law Dictionary and Section 2(1)(v) of the PMLA, such a right, once exercised and converted into economic gain, becomes a form of property, the Court noted. “Since the allocation letter enabled the commission of money laundering, t

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