TaxTMI 
TaxTMI 
2025 (6) TMI 1512
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....M/s. Tayal Energy Ltd. (hereinafter referred to as Tayal Group of Companies) and others, CBI, BS&FC, Kolkata registered three FIRs against the said Tayal Group of Companies. Tayal Group of Companies and others defrauded UCO Bank, Flagship Corporate Branch, Kolkata, gist of the said cases are as under: (a) FIR No. RCBSK2014E 0004 dated 09.05.2014 registered against S/Shri Navin Rampratap Tayal, Dileep Shankar Kapre, Sanjeev Sharma Vipin Kumar Bhatnagar, Kulvinder Kumar Nayyar, Ajay Ramesh Gupta, Shivpratap Sitaram Jolly, all Directors of M/s K Lifestyle & Industries Ltd., Sh. M. C. Bhide, CEO of M/s. Bhide Associates, Mumbai and unknown officials of UCO Bank for offences under section 120B, 420, 465, 468, 471of IPC and Sec. 13(2) r/w Sec. 13(1)(d) of PC Act revealed that UCO Bank, FCB, Kolkata disbursed loan on 09.01.09 Rs. 49.63 crores and on 20.07.09 Rs. 50.37 crores by using DDs in favor of (1) M/s. Vinimay Merchandising Co. Pvt. Ltd. (2) M/s. Sulochana Mercantile Co. Pvt. Ltd. (3) M/s. Vinay Multitrading (4) M/s. Rishi Mercantile Pvt. Ltd and (5) M/s. Babul Trading Co. Pvt. Ltd. which were in fact front entities of Tayal Group, as per request of the company, although, as per s....
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....Mumbai and unknown officials of UCO Bank for offences under section 120B, 420, 465, 468, 471of IPC and Sec. 13(2) r/w Sec. 13(1)(d) of PC Act, revealed that relying on Project completion report submitted by Lender's Engineer, Sh. M. C. Bhide of M/s. Bhide Associates for proper utilization of Term Loan funds, UCO Bank, FCB, Kolkata released loan through RTGS on 25.04.08 (18.75) 05.07.08 (14.87), 13.10.08 (05.82) & 29.10.08 (07.50) all in crore = Rs. 46.94 crore to Punjab National Bank, the lead Bank and the said funds were diverted by the Directors of the company to several intermediary companies and did not use the funds for which it was sanctioned. Total loan sanctioned was Rs. 46.94 Crores. Due to non-payment of the obligation to the Bank, the accounts of the company were declared as NPA on 31.02.2013 with outstanding liabilities of Rs. 68.25 crores. Accordingly, the Directorate of Enforcement, Kolkata recorded ECIR No.05/KLZO/2014 dated 22.09.2014 against the Tayal Group of Companies in the said FIR's for initiating investigation for the offence of money laundering. During investigation ED recorded the statements of the suspects/accused persons and the other persons on diff....
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....anies' Directors were the people of Mr. P. K. Tayal (Praveen Kumar Tayal).From the statements of Shri Dilip Mehta, it is evident that a number of fictitious companies were used to launder the proceeds of crime acquired out of commission of scheduled offence by the said Tayal group of Companies. Vide letter dated 15.12.2015 and statement dated 06.07.2016 Shri Madhav Chintaman Bhide, CEO of Bhide Associates (herein respondent) stated about the details of payment received from Tayal Group of Companies along with copy of bills, as regards copy of certificate dated 06.06.2009 regarding purchase of machineries from M/s. Lakshmi Machine Works Ltd. to M/s. K. Life Style & Industries Ltd., he stated that all these reports which had been kept in the office cupboard had got spoiled and further submitted that only Xerox copies of the invoices for machinery were supplied by the party which were put in the reports. When they had asked to see the originals, the party used to state that they were with their Chartered Accountant to A. F. Khasgiwala& Co. for preparing C.A. Certificate. The documents relating to correspondences shared with Tayal Group of companies were spoiled. In his statement, M.C....
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....d funds were laundered through its group companies. Nevertheless, the said Tayal group of Companied despite having a large amount of liabilities to banks, acquired a number of properties and also placed huge amounts in bank accounts, which are believed to represent the value of the proceeds of crime. Thus the proceeds of crime have gone to the Tayal group of company and utilized by Tayal group of company. There is nothing to show that the Defendant 11 to 13 have received any proceeds of crime emerging from the receipts of the amounts received from the banks by Tayal group of companies. The Defendants 11 and 13 having not received any proceeds of crime. cannot be made liable for attachment by invoking the provisions of "value thereof" or equivalent value of proceeds of crime, in the absence of any reasons in this regard. There is no reason assigned by the Joint Director as to the liability of bank accounts of D-11 to D-13 as to attachment as value of the proceeds of crime. The amount of Rs. 334589.89 in the name of D-11 lying in Bank of Maharashtra; amount of Rs. 1709.45/- lying in the bank account with corporation Bank of D-13 and amount of Rs. 80603.09/- lying in the Central Bank ....