TaxTMI 
TaxTMI 
2024 (10) TMI 152
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....he documents, digital records, bank accounts etc., seized from the premises of various persons including the present appellant, during the search conducted on 07.04.2017. 2. As per the facts of the case, on the basis of a complaint made by the Indian Overseas Bank, CBI, BS & FC, New Delhi had registered an FIR No. RCBD1/2016/E/0007 dated 08.08.2016 under Section 120B r/w 420 of IPC and Section 13(2) r/w 13(1) (d) of PC Act, 1988 against the accused Ashu Mehra, Mr. Nitish Negi, Mr. Gaurav Bhatia (all three Assistant Managers, Indian Overseas Bank, Chandigarh), Dinesh Kumar (Proprietor, M/s. Vision Procon), Mr. Aman Preet Singh Sodhi (Proprietor, M/s. Heights International), M/s. Sai Bhakti Impex Pvt. Ltd., Mr. Gaurav Kirpal, Mr. Aman Kirpal, M/s. Colour Wave (H K) Ltd. Hongkong, Brigadier (Retd.) M.S. Dullat and other unknown public servants & private persons on the following allegations: i) The accused Ashu Mehra had been working as an Assistant Manager, Forex Department, Indian Overseas Bank, Chandigarh Main Branch since 2010 and was also having the authority to make and check all swift messages of the Bank. Besides the accused Ashu Mehra, two more officers, namely, ac....
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....(calculated at the exchange rate of Rs.67/- per USD) which was due for payment between 01.07.2016 to 28.01.2017 that further it was alleged that there was no movement of goods & services or underlying commercial transactions behind these fraudulent transfers of funds. vii) On the basis of the fraudulent LOUs issued by Sh. Ashu Mehra, the foreign banks have credited the accounts of the beneficiary i.e. M/s. Colour Wave (HK) Ltd. The bank had also informed that from their preliminary investigations, it was found that the accused Mr. Amanpreet Singh Sodhi, Proprietor of M/s. Heights International is also Director in M/s. Colour Wave (HK) Ltd., Hong Kong, which is beneficiary for all the buyers credit Further, Mr. Dinesh Kumar, Proprietor of M/s. Vision Procon, had been an authorized signatory for the operations in the account of M/s. Heights International and there are also inter-account transactions between these three entities. Sections 420 & 120B of the Indian Penal Code, 1860 and Section 13(2) r/w 13(1) (d) of the Prevention of Corruption Act, 1988 are the Scheduled Offences (relating to cheating, criminal conspiracy and criminal misconduct/abuse of official position) ....
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....in the aforesaid OA No. 93 of 2017. The said OA No. 93 of 2017 was allowed vide order dated 12.09.2017. Aggrieved by the said order, appellants filed the present appeals. 3. In the present appeal, Ld. Counsel for appellants submitted that on the basis of the FIR No. RCBD No. 1/2016 filed by CBI, search and seizure was conducted on the premises of the appellants. Furthermore, the following properties were also seized by the respondent ED which are as under: Sr. NO. Property Owned by 1. H. No. 3348, Sector-35 D, Chandigarh M/s Mehra & Sons (HUF) 2. Freehold residential House No. 191, Green Avenue Amritsar admeasuring 327 Sq. Yards bearing Khasra No. 1250/505-506 situated at Tungbala Urban Green Avenue, Amritsar M/s Mehra & Sons (HUF 3. H. No. 26, Sector 10A, Chandigarh (Area 809.08 sq. yards) in the name of M/s Global Trade Matrix Pvt. Ltd. (Through its Director Brig. Malkiat Singh Dullat) M/s Global Trade Matrix Pvt. Ltd Furthermore, after the search proceedings, the intimation was sent to the concerned bank for freezing the accounts as under: Sr. No. Bank Name Appellant A/C No. Amount 1. KarnatakaBank M/s Mehra....
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....ssociate companies as a result of information and also as a result of searches conducted by the respondent ED. Mr. Ashu Mehra along with other bank officials of Indian Overseas Bank main branch Chandigarh fraudulently intercepted messages and issued letter of conformity/letter of undertaking to the foreign banks for the Buyers Credit extended by them. The present appellants along with others issued 24 Line of Credit (LOC) fraudulently through SWIFT messages to provide buyers credit facility which was to supposed to export goods but the same was granted to the aforesaid company through fraud. But as per the bank, there was no movement of goods & services or underlying commercial transaction between these fund transfers. The amount due on account of Buyers Credit was not paid to the bank before the due date resulting in liability of 321 crores. This was done in collusion with the accused companies and their directors/proprietors and have caused loss to the bank to the tune of USD 47.86 million equivalent to approximately Indian Rs. 321 crores. In view of the above, various documents, properties, bank account, cash and lockers including foreign currency etc. were seized. Ld. Cou....