AI Drafter 
TaxTMI 
TaxTMI 
2022 (9) TMI 1527
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....ce Station CBI, BS & FC, New Delhi Sections 3 punishable under Section 4 of Prevention of Money Laundering Act 2002 Arising out of FIR No. Dated Police Station Sections RCBD1/2018/ E/0009 08.05.2018 CBI, BS & FC, New Delhi 420, 467, 468, 471 r/w 120B IPC and Sections 13(2) r/w 13(1)(d) of P.C. Act 1. The petitioner, incarcerated upon his arrest in the FIR captioned above, came up before this Court under Section 439 of Code of Criminal Procedure, 1973 (CrPC). 2. The allegations against the petitioner Ashok Kumar Mittal and siphoning off a massive sum of Rs. 155.21 crores to purchase properties in the name of his wife Nisha, and subsequently she gifted a few properties to their daughter. 3. After arrivin....
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....ector-4, Rohini, New Delhi 110085 and unknown public servants and private persons U/S 120B read with section 420, 467, 468 & 471 of IPC and U/s 13 (2) read with 13 (1) (d) of Prevention of Corruption Act, 1988 for Criminal conspiracy, cheating, forgery of valuable security for the purpose of cheating, using forged documents as genuine and criminal misconduct of public servant by Central Bureau of Investigation (Bank Securities and Fraud Cell), New Delhi. [1.2 That M/s Mahesh Timber Pvt. Ltd. (hereinafter referred to as MTPL/Mahesh Timber) was engaged in trading and sawing of imported timber of various varieties of hardwood and softwood. Various credit facilities were granted under consortium/multiple banking arrangement to the comp....
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....hese LCs were confirmed for payment on due date in the SWIFT message. On receiving the claim for payment on due date, it came to notice of Branch that 38 documents were incomplete where confirmation to make the payment by the bank has been sent to overseas. bank in Singapore through SWIFT but no entry was passed in the Finacle. The amount relating to these documents claimed by foreign banks was remitted to them by debiting CC account (Cash Credit Account )of the borrower which resulted in increase of outstanding to the extent to Rs. 155.21 Crores (principal outstanding) against the sanctioned limit of Rs. 12 Crores including vehicle loan limit of Rs. 0.23 Crores. The above facts make it amply clear that the company cheated the complainant b....
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....0, 467 and 471 of Indian Penal Code (IPC) Act and 13 (2) read with 13 (1) (d) of Prevention of Corruption Act, 1988 (PC Act) are the scheduled offence under the Prevention of Money Laundering Act (PMLA), 2002 (herein- after referred to as PMLA), enquiries were initiated under PMLA against the accused persons after recording brief facts of scheduled offence in the ECIR (Enforcement Case Information Report) No. CDZO-II/01/2019 dated 05.09.2019. 2.2 That investigation under PMLA has, inter alia, revealed that various documents pertaining to immovable properties were seized during the search belonging to guarantors of M/s Mahesh Timber Pvt Ltd and related persons of Ashok Kumar Mittal. The source of acquisition of these immovable prope....
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....tal and Ashok Kumar Mittal, both directors of Mahesh Timber have failed to provide the documents substantiate their claim with respect to source of funds regarding purchase the said property at Mansa (Punjab) and the said property situated at Mansa (Punjab) was further transferred to Shweta Mittal Dhingra D/o Ashok Kumar Mittal on 30.08.2019 by Ashok Kumar Mittal and Nisha Mittal through gift deed. 2.6 That, Ashok Kumar Mittal in his statement dated 10.09.2021 recorded u/s 50 of PMLA, 2002 has inter-alia stated about the above said properties as "Property is mine" revealing that he is beneficial owner in the said property and he had transferred the said property to his daughter to isolate the property from clutches of the law and f....