TaxTMI 
TaxTMI 
2025 (6) TMI 2082
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....y attached, as detailed in Schedule-C of the complaint, in lieu of depositing a sum of Rs. 25,66,462/- by means of a Fixed Deposit in any Nationalized Bank and beheld by the Respondent Enforcement Directorate, till completion of the proceedings. (ANNEXURE-A). (b) Issue a writ of Mandamus, or any other appropriate writ, order, or direction, directing the Respondent to communicate to Vikasa Sauardha co-operation bank Ltd to de-freeze the Fixed deposit in Petitioners bank account and to remove all restrictions on the petitioners bank account. (ANNEXURE-C). (c) Pass such other order or orders as deemed fit and proper in the circumstances of the matter, in the interest of justice." 2. Heard learned counsel for the petitioner....
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....d. 6. In G.E. Veerabhadrappa's case (supra), the Apex Court held as under: "Heard learned counsel for the petitioner and Shri S.V. Raju, learned Additional Solicitor General for the respondents. 2. The main relief claimed in this petition is to permit the petitioner to furnish a bank guarantee of a sum of Rs. 1,72,40,951/- in lieu of and in replacement of the proposed confiscation. 3. Undisputed facts are that the petitioner has been convicted by the Court of the XXXII Additional City Civil and Sessions Judge and Special Judge for CBI cases, Bengaluru, vide order dated 14.02.2023 in Special CC. No. 56/2015, for an offence under Section 13(2) read with Section 13(1)(e) of the Prevention of Corruption Act and sen....
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....proceedings for disproportionate assets, he may be permitted to give security of the said amount by way of a Bank Guarantee which may be made subject to final disposal of the proceedings and the attachment be lifted. In support of the contention, he has relied upon an order dated 16.09.2022 passed by this Court in the case of Esskay Properties and Investment Private Limited & Anr. Vs. Union of India & Ors., in SLP (c) No. 9335 of 2022. 7. Having considered the factual matrix of the matter and the arguments advanced by the learned counsel for the parties, we are not inclined to accept any bank guarantee. In the order relied upon by the petitioner passed in the case of Esskay Properties and Investment Private Limited (Supra), the off....
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....ithout in any way influenced by the present interim arrangements. 12. With the aforesaid observations and directions, the matter stands finally disposed of. 13. Pending application(s), if any, shall also stand disposed of." 7. In M/s. Trishul Buildtech's case (supra), a Coordinate Bench of this Court held as under: "16. The words "such properties involved in money laundering or which has been used for commission of offence of money laundering" would indicate that the disproportionate assets acquired by the accused which had been used for money laundering is subject to be confiscated to the Central Government under Sub Section (5) of Section 8 of the P.M.L.A Act. The scheduled offence alleged against late Sri. G....
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....herefore, the Trial Court has erred in ordering confiscation of the properties of the appellant which are at Sl.No.2 of schedule 'A' properties in Spl.CC.No.359/2019. Therefore, the said order of confiscation of properties of the appellant requires to be set-aside. In the result, the following; ORDER The appeal is allowed. The impugned order dated 24.06.2024 passed in Spl. C.C. No. 359/2019 by the XXXII Additional City Civil and Sessions Judge and Special Judge for C.B.I cases, Bengaluru, so far as it relates to confiscation of the appellant's properties ie., Sl.No.2 of the Schedule 'A' properties namely, the land measuring 6 acres 37 guntas, located at Gunjal village, Varthuru Hobli, Bengaluru East Taluk, bearing Survey N....