TaxTMI 
TaxTMI 
2025 (6) TMI 1179
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....igarh) Sh. Amrinder Singh Gorwara (absconding) Rs. 5,62,500/- Whereas, the details of property mortgaged with the appellant State Bank of India is mentioned as under: Sr. No. Detail of Property Owners Name Value as per registry 1 Piece of land measuring 0-10-34 Khevat No. 15, Khatoni No. - 17, Khasara No. 1118/0-10-34, Mahaal- They, Mauja Nangal Khurd, Tehsil - Haroli, distt- Una HP vide sale deed no. 1223 dated 20.11.2009. M/s Arvind Casting Pvt. Ltd. @ Daljit Kaur 5,38,500/- 2. Piece of land measuring 2-24-30, Khevat No. 22, Khatoni No. 29, Khasara No. 1119/2-22-30, Mahaal - They, Mauja Nangal Khurd, Tehsil-Haroli, Distt- Una, HP vide sale deed no. 1224 dated 20.11.2009 (Arvind Casting Pvt. Ltd. mortgaged/ attached with SBI Chandigarh) M/s Arvind Casting Pvt. Ltd. @ Daljit Kaur Gorwar 1,16,82,000/- 3. Land measuring 0 Kana, 9 Marla, 4 Sarsahi 285 (sq. yds.) situated at Village - Pabhat, Tehsil- Derabassi, District- SAS Nagar, vide sale deed no. 2544 dated 27.06.2008. Amrinder Singh Gorwar (Absconding) 43,00,000/- 4. Land measuring 0 Kanal 4 Marla 7 Sarsahi (146 sq. Yds.) situated at Village- Pabhat, Tehsil- Derabassi, District-SAS Nagar vide sale deed no. 254....
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....itious Bank accounts in the name of other companies (in similar name claiming it to be M/s International Tractors Ltd., M/s Dana India Pvt. Ltd. and M/s Mahindra & Mahindra). The details of the loan facilities taken by the accused are as below: 1) Loan facility sanctioned on 30.7.2013 in favour of M/s Arvind Casting Pvt. Ltd., through its Directors/Accused: 1. Arvinder Singh Gorwara 2. Daljit Kaur Gorwara 3. Amrinder Singh Gorwara 4. Shri Sahil Gorwara and amount funded Rs. 5 crore, Product: Invoice Discounting (International Tractors Ltd. and Dana India Pvt. Ltd.) 2) Loan facility sanctioned on August, in favour of M/s Arvind Trade Links Pvt. Ltd, through its Directors/Accused: 1. Daljit Kaur Gorwara 2. Sahil Gorwara 2013 and amount funded Rs. 3 crore, Product: Invoice Discounting (Mahindra & Mahindra- Swaraj Division). The investigation conducted revealed that invoices of International Tractor Limited were found fake. It was found from International Tractor Ltd. that there was no purchase manager namely- Rakesh Kapila and Kulvinder Ghumman was also not working with the International Tractor Ltd. who were shown as employees of the company. And no company exists by the name of....
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....he record was obtained from Assistant Commissioner, Excise & Taxation, Una, about taxes paid on the invoices and the invoices were found fake. Section 467 & 120B of IPC were added to the case. In M/s Arvind Casting Pvt. Ltd., Arvinder Singh Gorwara & Daljit Kaur Gorwara were directors and in 2014 Amrinder Singh Gorwara & Sahil Gorwara became the directors. In M/s Arvind Trade Links Pvt. Ltd, Sahil Gorwara & Daljit Kaur Gorwara were directors and in 2014 Amrinder Singh Gorwara and Sahil Gorwara became the directors. As the aforesaid offences are schedule/predicate offences, the Directorate of Enforcement, Chandigarh Zone recorded ECIR No. 01/ CHSZO/2014 dated 19.12.2014 for initiating investigation for the offence of Money Laundering and to trace out the trail of proceeds of crime. During the investigation conducted by ED, it was revealed that loan amounts were transferred to State Bank of India, SME, Industrial Estate, Chandigarh, account No. 32846179465 in respect of M/s Arvind Castings and to State Bank of Patiala, SSI Derabassi Branch, Derabassi, account No. 65175835119 in respect of M/s Arvind Trade Link. On scrutiny of these accounts, it was observed that majority of the tr....
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....FAESI Act, 2002. Sh. Madhu Arora, Deputy Manager, ICICI Bank in her statement dated 9.07.2018 stated that one property i.e. Plot No. 96 as under: One property i.e. Plot No.96, VPO-Pabhat, Zirakpur in the name of Smt. Daljit Kaur Gorwara was mortgaged for loan on 23.8.2013 to M/s Arvind Trade Links. The symbolic possession of the properties was taken on 18.8.2015 under Section 13(4) of SARFAESI Act, 2002. Sh. Gaurav Sethi, Associate Vice-president of M/s India Infoline Finance Ltd., in his statement dated 16.7.2018 stated that one property/ industrial Plot No.-B-30, IA, Focal Point, Chanalon, Kurali, Ropar as under: One property/Industrial Plot No-B- 30, IA, Focal Point, Chanalon, Kurali, Ropar in the name of Sh. Amrinder Singh Gorwara was mortgaged on 31.12.2012 for loan to M/s Arvind Casting Pvt. Limited. The mortgaged property has been taken into possession under section 13(4) of SARFAESI Act, 2002 on 17.3.2017. From the investigation conducted by ED, it was concluded that following amounts were fraudulently obtained as loan from M/s Aditya Birla Finance Ltd. as proceeds of crime in terms of Section 2(1)(u) of PMLA, 2002, the details as under: S. No. Amount in Rs. Remar....
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..... He argued that the property could not be transferred in the name of successful bidder due to frivolous letter dated 27.06.2018 issued by the ED to the Office of PSIEC, Chandigarh. Prayer is accordingly made to set aside the impugned order qua the property of the present appellant which is already auctioned on 29.08.2018 and in absence of any link of the said property with the proceeds of crime. 4. On the other hand, Ld. Counsel for the Appellant SBI argued that the alleged schedule offence was committed by the accused persons during the period from 30.07.2013 to August, 2013 for availing loan facility of Rs. 5 Crore in favor of M/s Arvind Casting Pvt. Ltd. and Rs. 3 Crore in favor of M/s Arvind Trade Links Pvt. Ltd. by committing fraud on M/s Aditya Birla Finance Ltd. on the basis of forged and fabricated documents. He pointed out that M/s Arvind Casting Pvt. Ltd. much prior to the alleged fraud obtained term loans/working capital limits from the Allahabad Bank to the tune of Rs. 22 Crore, which was taken over by State Bank of India on 25.01.2013 with enhanced limit of Rs. 26.93 Crores. In the said sanction letter it was clearly mentioned that SBI will have first charge over all....
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....mpersonating themselves as employees of other companies and also opened fictitious bank accounts in the name of other companies. They also got printed fictitious letter heads, false and fake bill books, receipts, created false letters, opened false and illegal e- mail accounts of other companies in order to cheat and siphon-off the money taken in the garb of loan. Ld. Counsel for the respondent ED submitted that the properties in question have been attached in terms of Section 2(1)(u) of the 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. 6. 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 propertie....