TaxTMI 
TaxTMI 
TaxTMI 
2025 (5) TMI 1691
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....t. Daljit Kaur Gorwara Rs. 29,98,800/- 2. As per the facts of the case, FIR No. 92/2014 dated 19.05.2014 was registered by the Himachal Pradesh State Police, P.S.- SV & ACB, Una, Distt-Una (H.P.) for violation of Sections 420, 468 & 471 of Indian Penal Code against 1. M/s Arvind Casting Pvt. Ltd., 2. M/s Arvind Trade Links Pvt. Ltd., 3. Shri Arvind Singh Gorwara (now deceased), 4. Smt. Daljit Kaur Gorwara, (D-1) 5. Sh. Amrinder Singh Gorwara (D-3) and 6. Sh. Sahil Gorwara (D-2) alleging therein that M/s Arvind Casting Pvt. Ltd., M/s Arvind Trade Links Pvt. Ltd. and their Directors have cheated M/s Aditya Birla Finance Limited by obtaining Rs. 8 crores loan i.e. (Rs. 5 crores on 30.07.2013 to M/s Arvind Casting Pvt. Ltd. and Rs. 3 crores in August, 2013 to M/s Arvind Trade Links Pvt. Ltd.) fraudulently by creating false, fake and fabricated documents. In respect of invoice discounting facility (Loan) taken by the above said accused from the complainant by forging documents, impersonating themselves as employees of other companies (in similar name claiming it to be International Tractors Ltd., Dana India Pvt. Ltd. and Mahindra & Mahindra (Swaraj Division) and also opened fictitious....
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....gation further revealed that Account No. 2009989293715 in the name of Dana Auto Components was opened by Amrinder Gowara (D-3) in Induslnd Bank branch, Sector 8C, Chandigarh and account no. 200999293715 in the name of Dana Auto Component was opened in Induslnd Bank branch, Sector 11, Panchkula. The KYC documents were also obtained in respect of International Auto Works which revealed that account no. 200999287356 was opened by Amrinder Singh Gowara in Induslnd Bank Sector-8 Chandigarh in the name of International Auto Works. In addition, it was found that account no. 65179515537 in the name of M/s M/s Mohindru Auto was opened in the name of Parminder Singh. Address of Parminder Singh S/o Dilbagh Singh resident of H. No. 89 village- Hallomajra, Chandigarh was found fake. During the investigation of police, invoices of M/s International Tractor Ltd., Hoshiarpur and M/s Dana India Pvt. Ltd were found fake. The invoices which were raised by M/s Arvind Casting Pvt. Ltd. showing production in the name of International Tractor Ltd. and Dana India Pvt. Ltd. and sent to ABFL were found fake and the signatures of Daljit Kaur Gorwara (D-1) as authorized signatory were found on these fake inv....
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....ay. On further verification from the respective banks, it is seen that the major amounts have been debited in favour of their own group companies or other companies dealing with them in their business. The loan facility was exhausted by M/s Arvind Castings and M/s Arvind Trade Links from M/s ABFL fraudulently by way of taking the credit limit facility from Aditya Birla Finance Ltd. having its branch office at 2nd floor, UCO Bank Building, Parliament Street, new Delhi-110001 under invoice discounting facility. All the four accused mentioned above conspired and forged documents/invoices and sent fake/forged invoices to ABFL to show that the goods were being sent from Arvind Casting Pvt. Ltd. to International Tractor Ltd. and Dana India Pvt. Ltd. and that the goods from Arvind Trade Links Pvt. Ltd. to Mahindra & Mahindra (Swaraj Division). After opening accounts in similar name to International Tractor Ltd., Dana India Pvt. Ltd. and Mahindra & Mahindra Pvt. Ltd., i.e. International Auto works, Dana Auto Components and Mahindru Auto, the accused started repaying the loan installments to ABFL. After the establishment of the trust, they continued taking the loan installments from ABP and....
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....la Finance Ltd. 2. Rs. 30.25 Crores Loan amount obtained fraudulently by M/s Arvind Trade Links Pvt. Ltd. from M/s Aditya Birla Finance Ltd. Total Rs. 8.60 Crores It was further revealed that the M/s Arvind Casting Pvt. Ltd. and M/s Arvind Trade Links Pvt. Ltd. its directors exhausted the crime proceeds by way of transferring the same through there group companies and the same are not found in their possession. Accordingly, the properties of the defendants were attached as mentioned in para 2 and para 8 of the impugned order, including the mortgaged property with the present appellant (as mentioned in para no. 1 above). After passing the Provisional Attachment Order No. 04/2018 dated 30.10.2018, the Original Complaint No. 1061/2018 was filed before the Adjudicating Authority for confirmation. Being satisfied with the allegations mentioned in OC along with relied upon documents and statements u/s 50, the Adjudicating Authority issued the Show Cause Notice to the defendants. After going through the replies and hearing the rival submissions, the PAO was confirmed vide order dated 09.04.2019. Aggrieved by the said order appellants filed the present appeals. 3. During ....
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....e PMLA, as value of proceeds of crime derived as a result of criminal activity related to scheduled offences or value thereof, becomes proceeds of crime by virtue of definition given in Section 2(1)(u) of the PMLA, 2002. Prayer is accordingly made to dismiss the present appeals being devoid of any merits. 5. After hearing the rival submissions, I have given my thoughtful consideration to the same. It is an admitted fact that the alleged period of offence was committed by the accused persons during the period July, 2013 to August, 2013 by obtaining loan to the extent of Rs.8 Crore from Aditya Birla Finance Ltd. by tendering forged and fabricated documents. Now, I will discuss about the properties mortgaged with the present appellants one by one. Land measuring 1 Kanal 8 ½ Marla (833 square yards) located at Plot No. 96, Godown Area, Pabhat, Tehsil-Derabassi, District- SAS Nagar, Zirakpur, Mohali was purchased by Smt. Daljit Kaur Gorwara on 22.01.2010. Thereafter, this property was mortgaged with Appellant Phoenix Asset Reconstruction Company Ltd. on 28.03.2013, for obtaining loan in favor of M/s Arvind Casting Pvt. Ltd. Being the secured creditor and prior mortgagee the SAR....