2025 (8) TMI 12

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2002), a challenge has been made to the order dated 26.10.2020 passed by the Adjudicating Authority confirming the provisional attachment order dated 17.01.2020. It is a case where an FIR was registered in the year 11.04.2014 by Surat police for commission of offence under sections 120 B, 420, 465, 467, 468, 471, 477 A IPC based on the complaint received by Crime Branch, Surat from ICICI Bank against M/s R.A. Distributors Private Limited and its Director alleging that company had prepared 17 fake bills of entry and presented the same before ICICI Bank for foreign outward remittances. Another FIR was registered on dated 13.04.2014 against M/s Harmony Diamonds Pvt. Ltd., M/s Agni Gems Pvt. Ltd. and their Directors for similar offences. 2. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e argument of the learned counsel for the appellant to avoid repetition of facts and for the sake of brevity. Finding of the Tribunal 6. The facts on the record shows registration of the FIRs against the accused for commission of crime under sections 120 B, 420, 465, 467, 468, 471, 477 A IPC regarding preparation of 17 fake bills of entry and presenting the same before the ICICI Bank for foreign outward remittances. It was in the FIR which was registered on 11/04/2014 for similar allegation. The another FIR was registered on 13/04/2014. The charge sheet in pursuant to the FIR has also been filed. 7. The appeal has been filed by those who were not implicated in the FIR but are recipient of the proceeds of crime from the accused. The lear....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ondent would justify attachment of proceeds of crime in the hands of the appellants. The statement of the appellant Abdul Karim Ibrahim was recorded even on 10.01.2019 under the Act of 2002 where again he has admitted about the receipt of 9.5 crores from the accused and his family members. 9. It is however with the further statement that out of the aforesaid amount, an amount of Rs. 2 crores was paid by him to Dena Bank as he was a guarantor of the loan of Rs. 3.75 crores. The proceeds of crime was diverted even to the Allahabad Bank and others. 10. In the light of the statement aforesaid, we find that appellant has admitted the receipt of proceeds of crime to the extent of 9.5 crores said to have been transferred as a loan but no loan do....