TaxTMI 
TaxTMI 
2025 (6) TMI 193
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....der Section 120(B), 420, 467, 468, 471, 472 and 472 of the Indian Penal Code, 1860 and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988. It was in regard to Syndicate Bank scam where not only the main accused, Shri Bharat Bomb but officials of the Bank were involved. The total amount involved therein was quantified to Rs. 1265.78 crores. 3. The respondent recorded the ECIR and attached the properties of many persons finding it to be the proceeds of crime. The present appeal would, however, address the issue in reference to the four appellants leaving others because separate appeals have been maintained by the different defendants before the Adjudicating Authority. The appellant, Shri Vikas Jain apart from Smt. Sushila Jain and two Companies have preferred the appeals against whom following allegations were made: Shri Vikas Jain was found beneficiary of Proceeds of Crime generated in the Syndicate Bank fraud. During investigation, it is revealed that Vikas Jain didn't have cash in hand. However, he received Rs. 11 Crs in cash from Bharat Bomb as part of blackmailing about the OD account opened in Syndicate Bank branch of Udaipur, etc....
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.... The amount of which was about 4 crores, apart from this, Vikas Jain was blackmailing Bharat Bornb regarding an overdraft account opened in our company's name at Udaipur branch of the said Bank, so Bharat Bamb agreed to give Rs 11 crore separately in this regard. Bharat Bomb directly paid Rs. 11 Crore in cash to Vikas Jain. On examination of documents during investigation, it is revealed that out of Proceeds of Crime generated in the Bank Fraud, key accused Bharat Bomb has transferred Rs. 2.84 Crs. to Vikash Jain, his family members and his company through his brother in law Pavitra Kothari and his entities. It was also found that Vikas Jain has received Rs. 66,86,400/-, Seema Jain received Rs. 63,16,800, Sushila Jain received Rs. 54,36,900/- and his company M/s V J Architect Pvt. Ltd. received Rs. 34,71,300/- from Pavitra Kothari, his family members & his company and Rs. 52.68 Lakh from Sankalp Real Mart Pvt Ltd. and Rs, 2.50 Lakhs from M/s G S Build Estate Pvt. Ltd. Shri Vikas Jain received amount of Rs. 66,86,400/- in his bank account No. 06441000034596 maintained in HDFC Bank on 19-Nov-2014. This amount was further transferred in the account of Ms....
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....ther transferred in the account of Sankalp Builders on 10.04.2015. This amount of Rs. 1,00,00,000/- was further transferred in the account no. 06448020001449 with HDFC Bank of VJ Architect Ry Ltd. This amount was further transferred in the account no. 679005500 with ICICI bank of Sankalp Builders and from there this amount was ultimately transferred in the account of Ravi Narain Enterprises Pvt. Ltd. to purchase the land situated at Khasra No. 89 to 94, 100, 102 to 104, 106 to 109, Village- Ani, Patwar Halka- Labana, Tehsil- Amer, District- Jaipur. In context of the above, it is revealed that Vikas Jain received accommodation entries of Proceeds of Crime of Rs. 4 crores from Krishna Yadav HUF and his entity M/s. Devi Construction. Vikas Jain transferred this amount in different accounts just for purpose of layering and for projection of this money as untainted. And further invested this Proceeds of Crime in property situated at Khasra No. 89 to 94, 100, 102 to 104, 106 to 109, Village- Ani, Patwar Halka- Labana, Tehsil- Amer, District- Jaipur. Similarly, Vikas Jain purchased a property at Plot No. 8/B, Sector 8, Near Haldi Ghati Gate, Opp. Pratap Plaza, Tonk Road, Jaipur during the....
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....ime of Rs. 2.84 crores deserve to be set aside. 6. The other allegation against the appellant is for receipt of Rs. 11 Crores and to be proceeds of crime. It is from the main accused, Shri Bharat Bomb or his associates who were involved in the Syndicate Bank scam for which number of FIRs were registered and gist of the FIRs are as under: - 1. An FIR No. RCBD1/2016/E/0002 dated 07.03.Z046 was registered under section 120(B) 420, 467, 468,471, 474 of the Indian Penal Code and Sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988 by CBI, BS&FC, New Delhi on having received a complaint dated 07.03.2016 from C. Sridharan, DGM, Syndicate Bank, New Delhi against Satish Kumar Goel, General Manager, FGM's Office, New Delhi, Sanjeev Kumar, Deputy General Manager, Regional Office, Jaipur, Desh Raj Meena, Chief Manager, Adarsh Manchanda, Asst. General Manager, Awadesh Tiwari, Asst. General Manager, Bharat Bomb S/o Shanti Lal Bomb, Shankar Lal Khandelwal, Piyush Jain, Vineet Jain Other Customers/ companies/ proprietorship/ persons and other unknown public servants and private persons. It has been alleged that over a period of five years (since 2011 to 2016)....
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.... of cheating, use of forged documents as genuine and criminal misconduct by public servants and private persons, whereby the Syndicate Bank was cheated to the tune of Rs 209.9 Cr. Subsequently, a detailed special investigation conducted by a team of officials from inspection department of the bank detected fraud in 118 loan accounts aggregating to around Rs. 209 Cr. in three branches. Out of 118 loans, 80 are for the purchase of houses, 11 for purchase of commercial properties, 14 are overdraft limits, 11 are term loans and 2 are Foreign Letters of Credit (FLCS). The bank has alleged that documents, bills, quotations and certificates submitted before and after availing the loan were found forged and fabricated. There was absolutely no business activity on the basis of which the loans were availed. That some borrowers having availed the loan submitted letters denying the loans, though their claims do not have any credence. Bank's Investigation has also revealed that the borrowers in whose names huge value loans are sanctioned are all either businessmen with meager means or ordinary employees with private firms. The bank's credit guidelines were flouted to accommodate the fra....
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.... avail such huge housing loans. All these borrower were shown as businessmen, submitted business addresses, financial statements and IT returns while availing loans. It is now fouid that no such business units exist and the financial statements and IT returns submitted to bank are fake and forged. Loans were sanctioned based on tripartite agreement and sale deeds favoring the borrowers are still not executed. Flats are not allotted to any of the borrowers. No margin money is contributed by the borrowers and the loans do not have any security. Two of the borrowers have closed the liability, possibly fearing imminent criminal action. All loans are released within a short period of time ignoring the release schedule as per tripartite agreement. The borrowers and the builder have colluded with the branch head and defrauded the bank. 7. The Counsel for the appellant contested the appeals in reference to the receipt of the amount of Rs. 2.84 crores but could not justify the receipt of Rs. 11 crores, thus, prayed for passing of equitable order. The property may remain under attachment against a sum of Rs. 11 crores but possession of the appellant be maintained till the conclusion of th....