TaxTMI 
TaxTMI 
2025 (9) TMI 1088
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.... Attachment Order ('PAO') dated 12.01.2022. Brief facts of the case: 2. An FIR was registered by the Central Bureau of Investigation, Economic Offences Wing, Chennai on 27.07.2012 for the offence under Section 120-B read with Section 420, 467, 468 and 471 of the Indian Penal Code, 1860 and Section 13(2) read with Section 13(1)(c) and 13(1)(d) of the Prevention of Corruption Act, 1988. It was based on the complaint filed by M/s SBI Global Factors Limited (erstwhile M/s Global Trade Finance Limited) alleging that it had extended trade finance facilities of Rs. 15 Crores to M/s Digital PC Technologies Limited represented by its Managing Director, Shri K. Vijay Kumar Chanakya and others. Those accused cheated, M/s Global Trade Finance Lim....
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.... PAO finding proceeds of crime in the hands of the appellant. Aggrieved by the order, the appellant has preferred this appeal. Arguments of the Counsel for the appellant: 4. Ld. Counsel for the appellant submitted that the flat for the value of Rs. 30 lakhs has been attached in ignorance of the fact that the appellant has disclosed the source to acquire the property. It was after taking loan of Rs. 25 lakhs from the bank and a loan of Rs. 3 lakhs from his aunty and remaining Rs. 4.30 lakhs from Jiwan Shakti Chit Fund. The amount of Rs. 3 lakhs and Rs. 5.35 lakhs was out of his salary and therefore the appellant has disclosed the source to acquire the property under PAO but ignoring the fact aforesaid, the Adjudicating Authority has ma....
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....7. In the opening paras of this order we referred the registration of the FIR and allegation made therein. The allegation against the appellant is for taking Rs. 50 lakhs as a bribe from Shri K. Vijay Kumar Chanakya towards bank loan of Rs. 15 Crores. It was revealed in a statement made by the employees of M/s Digital PC Technologies Limited. The Counsel for the appellant did not contest on the allegation made against the appellant for commission of crime. The argument was made to challenge the provisional attachment of the property which is not purchased out of the proceeds of crime. It was submitted that the source to purchase the property has been disclosed. It was largely out of loan of Rs. 25 lakhs from the bank and a loan of Rs. 3 lak....
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.... in cash from Shri Vijay Kumar Chanakya and in the CBI investigation, it was revealed that the appellant had purchased Verna Car with the payment of Rs. 9 lakhs on 30.10.2008 i.e. during the period of commission of crime. Further, there was allegation of purchase of Flat No. 305, Silver Spring Apartments, Hyderabad for a sum of Rs. 35 lakhs. The margin of money of Rs. 12 lakhs was paid and thereupon used loan of Rs. 25 lakhs was taken from HDFC Bank. Rs. 10 lakhs said to have been paid in cash to repay the amount of loan. This is to justify and to hold that the property under PAO was purchased out of proceeds of crime and not attached for value thereof. We find that so far as allegation against the appellant for commission of crime and rece....