TaxTMI 
TaxTMI 
2022 (4) TMI 775
X X X X Extracts X X X X
X X X X Extracts X X X X
....titled as Directorate of Enforcement Vs. Lalit Goyal in ECIR/GNZO/10/2021 dated 15.06.2021 under Sections 3 & 4 of The Prevention of Money Laundering Act, 2002 (for short 'PMLA'), arising out of FIR No.38 dated 11.02.2020 under Sections 406, 420, 467, 468, 471 IPC, Police Station Pinjore, Panchkula. At the very outset, learned counsel for the intervenors have referred to an order dated 07.04.2022 passed by the Hon'ble Supreme Court passed in SLP (Crl.) Diary No.9985/2022 filed by one of intervenor Anand Gupta, challenging the order granting interim bail to the petitioner. It is next submitted that since the petitioner is taking dates and interim bail is continuing, the Hon'ble Supreme Court has directed to list the aforesaid SLP on 11.04.2022. With the concurrence of all the learned counsels for the parties, the arguments in main case are heard. On 24.02.2022, while granting interim bail to the petitioner, following order was passed by this Court: - "In compliance of the order dated 21.02.2022, reply by way of affidavit of the Superintendent, Central Jail, Ambala along with health condition reports submitted by Civil Surgeon, Ambala as well as Medical Officer, Central Jail, Amb....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Right Upper Limb Radiculopathy was diagnosed by Neurosurgeon and was advised. Neurosurgical opinion on 16.02.2022 and 17.02.2022 was sought for left upper limb pain, for which, Physiotherapy was advised. The patient had occasional spikes of High Blood Pressure despite of all the medications and was being managed conservatively under Neurosurgery till 20.02.2022. Patient started c/o bleeding per rectum associated with pain abdomen, for which, Gastroenterologist opinion was sought. On examination, Grade 2 Internal Hemorrhoids were diagnosed at 3, 7 and 11 o'clock position. Patient was managed conservatively with soft diet, sitz bath and stool softeners and ultrasound abdomen was advised. Patient was advised CE CT Abdomen and Colonoscopy for continued pain abdomen, but colonoscopy could not be performed in this center. On 22.02.2022, Ophthalmology consultation in view of black patches in vision and floating vision in left eye was done, OCT Scan and Retina Specialist opinion for the scar was advised. The patient was continued on conservative management for all the complaints. On 23.02.2022, in view of persistent mood swings, anxiety, insomnia, panic attacks and palpitations,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....an application with advance copy to the counsel opposite. (d) He will not dispose of or alienate any of his property. List again on 16.03.2022. In the meantime, reply, if any, be filed with an advance copy to learned counsel for the petitioner." Thereafter, on 09.03.2022, while extending interim bail on medical grounds, it was directed that the petitioner appear before the Civil Surgeon, Ambala, who will constitute a Medical Board and submit the report regarding medical health condition of the petitioner. On 16.03.2022, after the Medical Board comprising of seven doctors gave a report, again following order was passed: - "Learned State counsel has placed on record the report of the Medical Board, comprising seven doctors. The operative part of the report reads as under: 1. Psychiatry Department: Patient is an old case of mixed anxiety and depressive disorder who currently presented with anxiety symptoms, panic episodes with psycho social crisis at times which has exacerbated for one month. Patient has consulted multiple government and private psychiatrists and have been advised psycho social rehabilitation with psychiatric medications. There is intermittent improvement ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ack patches in vision and floaters on 22/02/2022. He was advised OCT scan and retina specialist opinion. He has now come with reports of Optical Coherence Tomography (OCT) and Fundus Fluroscein Angiography (FFAJ) which were suggestive of left Classic Neovascular Membrane (CNVM) along with CSR for which injection Eyelea is required. The injection may be repeated, if there is no improvement in symptoms. He is advised further management at a well-equipped Retina Disease Eye Centre. 6. Neurosurgery Department: Patient complained of right upper limb pain (associated with paresthesia) with lower backache. He was advised MRI cervical and L/S spine for the same. He also had high Blood pressure for which cardiology workup was advised. He underwent USG right upper limb doppler which reported dampening of right subelavian artery, He was diagnosed as a case of Cervical Angina which is suggestive of Thoracic Outlet Syndrome. MRI cervicał myeloradiculopathy spine report on 01.03.2022 revealed C6-C7 PIVD (Prolapsed Inter Vertebral Disc) with neural compression on left (> right) exiting nerve and foraminal focal stenosis with multilevel degenerative changes. In lumbar spine, there was an an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment as most of the projects were completed and possession was handed over. In the meantime, the petitioner, in 2010, joined IREO Singapore Pvt. Ltd. as President and later on, his designation was changed as MD and then, non-Executive Director. In 2011, the petitioner entered into a consultancy agreement with IREO Management (I) & (II) Ltd., which are independent companies and were merely giving advice to IREO Funds, another independent company, in the investment of its funds in India. The petitioner was an Adviser/Consultant to these companies. It is submitted that the petitioner is residing in Singapore till March, 2020 and was filing his Income Tax Returns there. Learned senior counsel has next argued that on 30.03.2015, the foreign unit of Income Tax Department carried out a detailed verification of investors in IREO Funds to verify, if there was any round tripping of money as well as the source of funds received from foreign companies. In a detailed inquiry, nothing suspicious was found and on 30.03.2014, an assessment order was passed, which reads as under: - "3.1 During the course of assessment proceedings, it was seen that 99.9% of the shareholding fund of the assesse co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....h the cancellation report is yet to be accepted, however, the fact that ED is admitting that number of FIRs have been cancelled, the Court should draw an adverse assumption against ED. It is further submitted that in the intervening period, the petitioner received summons from ED and filed an application before the Special Judge (Companies Act), Dwarka Courts (SW), Delhi seeking permission to travel abroad for official work and vide order dated 09.11.2021, same was allowed by the said Court, observing that since the petitioner intend to visit London, U.K., New York and USA for meeting with stakeholders of IREO Funds, as he was residing in Singapore for the last 10 years, therefore, he was granted permission to travel abroad for 15 days from 10.11.2021 to 25.11.2021 subject to the conditions laid down in the said order. It is further submitted that in the meantime, without any notice to the petitioner, a lookout circular was issued against the petitioner and he was detained from travelling abroad on 11.11.2021 and was asked to appear before the ED on 15.11.2021. On the next day i.e. 16.11.2021, the petitioner was arrested. It is argued on behalf of the petitioner that issuance of l....