2024 (10) TMI 225

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.... filed by the appellants against the impugned order dated 12.09.2017 passed by the Adjudicating Authority in Original Application No. 93/2017, whereby it allowed the respondent ED to retain/seize/freeze the documents, digital records, bank accounts etc., seized from the premises of various persons including the present appellants, during the search conducted on 07.04.2017. 2.In the appeal at serial no. 1, Ld. Counsel for appellant stressed for release of bank accounts of appellant M/s G B Creative Line, Proprietor Bhawana Kirpal, detailed as under: i. Indian Overseas Bank, Sector 7, Chandigarh having Account No. 28402000012338 stated to be a CC Account having CC limit of 225.00 lakhs. The above credit limit was collaterally secu....

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.... Bank Name Appellant A/c No. Amount 1. Indian Overseas Bank Bhavana Kirpal & Gaurav Kirpal 28401000026338 2246.38+Lien Amount 405.00 2. IndusInd Bank Bhavana Kirpal & Gaurav Kirpal 100042214415 0.00 3. IndusInd Bank Bhavana Kirpal & Gaurav Kirpal 100042243231 0.00 I. One Scorpio vehicle bearing Registration No. CH03V0010 in the name of Ms. Bhawna Kirpal w/o Mr. Gaurav Kirpal along with RC & Insurance purchased in the year 2005. ii. The appellant has one locker in Indian Overseas Bank Locker No. 118, SCO 26, Sector 7C, Chandigarh vide which different gold ornaments having value of Rs. 13,83,254/- as per Valuation Report dated 21.04.2017 and the same were seized as per Se....

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.... to release the above bank accounts, vehicle and jewellery attached, by allowing the present appeals. 3.On the other hand, Ld. Counsel for respondent ED submitted that certain bank accounts were identified belonging to the accused and their associate companies because of information and because of searches conducted by the respondent ED. The 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 (BC) extended by them. 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 ....