TaxTMI 
TaxTMI 
TaxTMI 
2025 (8) TMI 1298
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....rar, Cooperative Societies, Bhilwara to Police Station Kotwali, Bhilwara and accordingly FIR was registered on 01.05.2017 for the offence under Section 406, 409, 420 and 120B of the Indian Penal Code, 1860. The complaint made a mention about the investigation conducted by the Cooperative Societies, Government of Rajasthan and found that the Board of Directors of Bhilwara Mahila Urban Co-operative Bank Limited (hereinafter referred to as "Co-operative Bank") and others fraudulently embezzled an amount of Rs. 25.10 Crores. 3. A charge-sheet was filed by the Police on 09.08.2017 against few accused while keeping the investigation pending against others which includes the appellant, Shri Dev Kishan Acharya. 4. The FIR dated 01.05.2017 revealed that the President of the Co-operative Bank, Kirti Bordia, Financial Adviser, Ravindra Kumar Bordia, Managing Director, Neetu Pipada and Loan Officer Kailash Soni in collusion with the partners/ directors of M/s Anand Agency, M/s Anand Developers, M/s Sheikh Building Material, M/s GSA Housing Developers Private Limited, M/s G.S. Synthetics, M/s Sai Construction, M/s Prince Enterprises and M/s Mona Construction through their directors / partners....
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....n of Rs. 25.10 Crores in 66 loan accounts during the period from 2011-12 to 2015-16. It further revealed that the loan of Rs. 21.15 Crores was sanctioned fraudulently in 21 Loan Against Property Accounts and 5 Mid Term Loan Account. After sanction of loan, initially funds were transferred to the saving bank account of the loanees and thereafter funds were further transferred to the accounts of firms / companies / persons maintained or controlled by Ravindra Kumar Bordia, Kirti Bordia, Dev Kishan Bordia and many others. 7. It was found that the income of the loan applicants and co-applicants and guarantors was very meagre as compared to the loan sanctioned in their favour. Most of them were not having regular source of income, yet huge loan was sanctioned in their favour. The properties belonging to the appellant have been provisionally attached by the respondent finding their involvement and it to be proceeds of crime. 8. A challenge to the impugned order has been made by the appellants and we would deal with the issues limited to the appellants, otherwise, there were many defendants before the Adjudicating Authority. However, appeal has been preferred by only few appellants. Ar....
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....operty of the partners of M/s Anand Agency and M/s Anand Developers was sanctioned with loan overdraft of Rs. 5.19 Crores. For the sanction of the loan, it was given out that Shri Dev Kishan Acharya and related parties have sold their respective properties to concerned loanee for an amount of Rs. 5.19 Crores and thereby the bank duly credited equitable mortgage for those properties in accordance with the law. In view of the above, the appellant was not involved in commission of crime, yet the properties belonging to the appellant has been attached. 13. The appellant, Shri Dev Kishan Acharya was made co- accused solely based on the uncorroborated statement of other accused and linked to Shri Ravindra Kumar Bordia. In the light of the aforesaid, the impugned order deserves to be set-aside. 14. At the cost of repetition, it was further submitted that so far as appellant is concerned, he received Rs. 3.64 lakhs against the properties worth of Rs. 5.19 Crores as per the sale transaction facilitated under the fraudulent scheme devised by Shri Ravindra Kumar Bordia. 15. The properties attached in the hands of the appellant does not fall under the definition of "proceeds of crime" and o....
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....Acharya and accordingly land was mortgaged to the bank by the purchaser / loanee wherein appellant had no role to play. Accordingly, the impugned order has unnecessarily been passed against the appellant. They were not at all involved in commission of crime by the Co-operative Bank or its officials along with others yet made defendant to the proceedings before the Adjudicating Authority. The appellant had acquired the subject properties in the year 2011-12 i.e. much before the commission of the alleged offence in the year 2015. It was thereupon sold through a valid Sale Agreement dated 16.12.2014 in favour of Shri Dev Kishan Acharya and accordingly there was no reason to proceed against the appellant and therefore prayer was made to cause interference in the impugned order. 18. The appeal has been preferred even by Shri Bheru Singh Dabar to challenge the impugned order. It was submitted that the impugned attachment order refers to the properties of Shri Dev Kishan Acharya under a mis-identification. The properties referred in Table-B of the impugned order said to be belonging to Shri Dev Kishan Acharya without any documentary evidence and in fact those properties stand recorded in....
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....d for transfer to General Caste member and before that to obtain the loan. Shri Dev Kishan Acharya accordingly in connivance with Shri Ravindra Kumar Bordia arranged land for mortgage against the loan from the Co- operative Bank. Out of the total land purchased, 8 Bigha 17 Biswa was converted from agricultural to residential at the time of sanction of loan. However, no pattas was issued by UIT in favour of the loanee and it remained only an agricultural land at the time of sanction of loan. The land of 3 Bigha 11 Biswa was also approved for conversion but pattas was not issued by UIT Bhilwara, thus, it remains agricultural land at the time of sanction of loan. 21. Ld. Counsel for the respondent, further, submitted that Shri Gotu Singh Rajput, Shri Jaakir Hussain Pathan and other loanees made statement under section 50(2) of the Act of 2002. They disclosed that Shri Dev Kishan Acharya and Shri Ravindra Kumar Bordia planned a scheme to sale the plots to public for which they have opened and floated partnership firm in the name of M/s Anand Agencies and M/s Anand Developers to receive the amount from the investors. They opened various loan accounts in the name of the partners of M/s ....
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....rectors of M/s GSA Housing Developers Ltd. and Smt. Kiran Acharya was also the proprietor of M/s GS Synthetic. They took loan of Rs. 3.75 Crore in the name of various firms managed by them from the Co-operative Bank in the year 2011-12. However, siphoned off funds from the account of the loanees with active connivance of Shri Ravindra Kumar Bordia and bank President, Kirti Bordia. The summons to the proprietor of firms were issued. However, they did not join the investigation and submitted the letter which revealed that the amounts were opened in the name of the firms by Shri Dev Kishan Acharya either jointly or independently. Shri Dev Kishan Acharya is said to be the controller of those funds which carried out all the transactions. It was found that the firm controlled and owned by Shri Dev Kishan Acharya and his wife Smt. Kiran Acharya has received a sum of Rs. 5,19,90,283/- from the accounts of loanees of the Co-operative Bank. The fact aforesaid was admitted by the appellant in their statement under section 50(2) of the Act of 2002. In fact, the appellant, Shri Dev Kishan Acharya remained instrument to obtain the loan based on the agreement with Shri Ravindra Kumar Bordia and r....
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....C/ST in the State of Madhya Pradesh and purchased the land in their names. They were having no means to purchase the property. The land was got converted but pattas was not issued, thus, it remained agricultural land. It was not existing in the name of the loanee, yet loan was advanced. 28. Shri Dev Kishan Acharya and Shri Ravindra Kumar Bordia entered into a settlement on 08.08.2015 wherein it was agreed that on the payment of consideration of Rs. 10.21 Crores, Shri Dev Kishan Acharya will transfer the converted and unconverted agricultural land to Shri Ravindra Kumar Bordia of equivalent value. This was taken to be devise to somehow get the loan amount and then two firms established namely, M/s Anand Agencies and M/s Anand Developers with handpicked partners. The land offered by Shri Dev Kishan Acharya for transfer to Shri Ravindra Kumar Bordia was to arrange the loan against the property of the partners of M/s Anand Agencies and M/s Anand Developers and sanctioned the overdraft limits. 29. The appellant in his written argument virtually admitted proceeds of crime to the extent of Rs. 3.64 Crores in his hands while refuting the allegation for the proceeds of crime of Rs. 5.19 C....
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....so. 31. The appellant has shown himself to be the victim in the hands of Shri Ravindra Kumar Bordia but admitted about the execution of the agreement towards settlement of the land for a sum of Rs. 10.21 Crores in favour of Shri Ravindra Kumar Bordia. It is, otherwise, stated that on non-payment of the loan amount, the properties were auctioned by the Co-operative Bank, but details of the recovery of the amount thereupon has not been given. We, however, find that one piece of land was transferred to Shri Bheru Singh Dabar to save it from attachment. It was again a devise of Shri Dev Kishan Acharya to save the property, otherwise, Shri Bheru Singh Dabar had no means to purchase the property, though in his written submission, the appellant has stated about purchase of property out of his savings. It is, however, without disclosure of source of savings and his business or means to get amount of the consideration. The charge-sheet against the accused in reference to FIR No. 225/2017 has already been filed. However, the appellant has referred to other charge-sheet registered by the SOG, Udaipur, though proceedings in hand were not initiated in reference to it. The efforts of the appell....
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.... the impugned order. We find a case of money laundering in the hands of the appellants. Appeals of Shri Chander Singh Bheel and Shri Ganpat Singh Bheel. 34. The appeals have been preferred by two appellants named above who got involved at the instance of Shri Dev Kishan Acharya for purchase of property It was for the reason that agriculture land was belonging to SC/ST persons and as per Revenue laws in the State of Rajasthan it could have been purchased only by SC/ST persons and therefore appellants name were used by Shri Dev Kishan Acharya for purchase of land in their names, otherwise, having no means to purchase the land, therefor consideration was provided by Shri Dev Kishan Acharya. It was with the arrangement that land would be converted and thereafter it be conveyed in favour of Shri Dev Kishan Acharya but at the time of loan pattas of agricultural land were not issued yet loan was sanctioned in favour of those in whose name it was not existing. In any case the appellants are not so relevant for the aforesaid. However, there is an admission by the appellants in their written arguments that they had agreed to sale properties to Shri Dev Kishan Acharya and execution of Sale ....