2024 (10) TMI 224

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....Appellant : Mr. Saurabh Kapoor, Adv... Mr. Rishabh Kapoor, Adv., Ms. Madhvi Khandelwal, Adv. For the Respondent : Mr. Arjun Sawhney, Adv. Mr. Rohan Bhambri, Adv. ORDER Dictated by: Rajesh Malhotra Present appeal u/s 26 of the Prevention of Money Laundering Act, 2002, is filed by the appellant against the impugned order dated 12.09.2017 passed by the Adjudicating Authority in Original A....

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....on letter dated 07.03.2017 of Karnataka Bank Ltd., the said firm was allowed Over-Draft facility to the tune of Rs. 19.00 crores, pre-shipment/post shipment facility to the extent of Rs. 5.00 crores, Inland import LC facility of Rs. 6.00 crores and credit line for forward contract facility to the extent of Rs. 10.00 lacs by Karnataka bank Ltd. The same were enhanced by the bank from time to time w....

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....unts were identified belonging to the accused and their associate companies because of information and also as a result 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....

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....o defreeze the Credit Accounts (CC & BC Account) and appellant is at liberty to clear its outstanding loan liability, if any, with direction to appellant not to dispose of the properties on whose collateral the CC Accounts have been secured. Karnataka Bank is hereby restrained from releasing more credit into the said CC Account. However, the saving and current account will remain frozen till final....