TaxTMI 
TaxTMI 
2024 (10) TMI 387
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....seize/freeze the documents, digital records, bank accounts etc., seized from the premises of various persons including the present appellant company, 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 K....
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....t D-E, Wah Factory Building, 50-60, Wong Chuk Hang Road, Aberdeen) is the beneficiary of all the fraudulent swift messages sent. (iv) Further, accused Brigadier (Retd.) M.S. Dullat, is the father in-law of Accused No.1 and is Director in M/s Vyapar Agrotech Ltd. in which the Accused No. 5 Mr. Amanpreet Singh Sodhi is another Director. (v) The Indian Overseas Bank (IOB in short) has informed that the Accused No.1 (Ashu Mehra), the master mind, was indulging in issuing Letters of Comfort (LOC)/ Letters of Undertaking (LOUs) through swift messages fraudulently in collusion with others to cheat the Bank. Further, the overseas banks had provided Buyers Credit to their customers on the basis of the LOUs issued by the IOB, Chandigarh and hence....
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....een 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) under Part A, paragraph 1 & 8 respectively to the Schedule to the Prevention of Money Laundering Act, 2002 as also defined under Section 2 (1) (y) of the said Act. This being a case of suspected offence of Money Laundering, a case was registered by the Directorate of Enforcement, Chandigarh Zonal Office vide ECIR dated 19.09.2016. A copy of the ECIR No. CDZO/06/2016 dated 19.09.2016 against Ashu Mehra and other co-accused persons. The complainant bank, IOB, further infor....
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....ducted on various places/premises. Thereafter, many bank accounts, lockers and properties were frozen. Thereafter, Original Application being OA No. 93 of 2017 (OA) in ECIR No. CDZO/06/2016 was filed by the respondent under section 17(4) of the PMLA, 2002, in May 2017 seeking for directions to retain certain articles/vehicles/ documents seized and properties & the bank accounts frozen by the respondent, as listed 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, appellant filed the present appeal. 3. In the present appeal, Ld. Counsel for appellant M/s RAP Events submitted that appellant is a partnership firm of Sh. Rakesh Kumar & Rohitaz Kumar, running a ....
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....me and style of M/s Prenda Creations being run by the persons well known to the appellants agreed to invest their funds in the projects of grand celebrations of International Yoga Day. Under these circumstances, a sum of Rs. 6.05 Crores were remitted by M/s Prenda Creations in favour of the appellant. Ld. Counsel for the appellant submitted that the Partners of the appellant firm Sh. Rakesh Kumar & Sh. Rohitaaz Kumar are neither charge-sheeted for the predicate offence after investigation of the police/CBI or prosecution complaint filed by ED. Even the Original Complaint filed by the respondent ED does not refers to appellant's involvement in commission of any offence or acquiring any proceeds of crime. He pointed out that bank accoun....
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....o 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. He argued that admittedly, sum of Rs. 6.05 Crores were received by M/s RAP Events in its aforesaid account from M/s Prenda Creations. He contended that even if the present appellant was innocent receiver of the said amount, even then, the said amount is liable to be frozen/attached being transferred out of proceeds of crime amounting to Rs. 321 Crores. He stressed that appellant failed to prove that he tendered any services or supplied any material to M/s Prenda Creations against the amount of Rs. 6.05 Cores received in....