TaxTMI 
TaxTMI 
2026 (2) TMI 1155
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....er recording of ECIR and initiation of investigation thereupon. The ECIR was recorded on registration of the FIR dated 10.03.2022 with Police Station Bhiwani City, Haryana for the offence under Section 120-B, 409, 420, 467, 468 & 471 of the Indian Penal Code, 1860. It was alleged that Shri Vinod Kumar Goel, Shri Vikas, Axis Bank's Manager and Shri Nitesh Agarwal and other staff of Municipal Council, Bhiwani misappropriated the government funds and caused embezzlement of a sum of Rs. 2 to 3 Crores approximately. It was by transferring Government money from the Municipal Council's account to private firms in Delhi. 3. The investigation was caused with the officials and representatives of the Municipal Committee, Bhiwani apart from private bank personnel and individuals. It was revealed that amounts were transferred from bank account of Municipal Council with Axis Bank of which cheque book, ranging No. 001076 to 001100 was under the custody of the Accountant of Municipal Council, Bhiwani. On 29.03.2019, a sum of Rs. 2 Crores was transferred from the bank account of the Municipal Council, Bhiwani. Details of the transfer of the other amounts from time to time were revealed during th....
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....this appeal has been preferred. Arguments of the Ld. Counsel for the appellant: 5. Ld. Counsel for the appellant referred to the provisional attachment of two properties out of which one plot having area of 244.50 sq. yards at Chokani Estate, Meham Road, Bhiwani was purchased at a sum of Rs. 24 lakhs by taking it from the relatives and other plot having area of 241.66 sq. yards at Chokani Estate, Meham road, Bhiwani out of the loan. It was a Housing loan from DHFL. The Counsel submitted that appellant had taken loan from her relatives for purchase of the first property. It was through the banking channel and therefore there was no reason to confirm the PAO when source for purchase of the property was disclosed for both the plots. 6. The housing loan taken from DHFL was subsequently transferred to Axis Bank. The source of the purchase of the second plot was out of the loan, yet provisional attachment was caused followed by its confirmation ignoring the disclosure of the source for purchase of the property. It is also when the appellant is serving the loan to the Axis Bank without default and therefore there was no reason to cause provisional attachment of the plot having ar....
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....ds at Chokani Estate, Meham Road, Bhiwani. The purchase of plot of 241.66 sq. yards along with construction was taken to be for a sum of. Rs. 1,26,98,160/- out of which Rs. 17,51,250/- was obtained as a loan from DHFL. The remaining amount of Rs. 1,09,46,910/- was incurred in cash for construction of house. Since source for the aforesaid could not be disclosed by the appellant, it was attributed to the proceeds of the crime in the hands of appellant's husband, Shri Vinod Kumar Goel. The plot was registered in the name of the appellant and thereafter construction involving huge amount but no source could be disclosed. It is coupled with the facts that loan obtained by the appellant is being served. However, it is without disclosing the source for repayment of the loan amount. 13. The bank account statement to disclose the income and its transfer for repayment has not been placed on record, as admitted by the Ld. Counsel for the appellant when he was called upon to show the bank statement to satisfy the source of appellants' husband for repayment of loan because appellant has not disclosed income in her hand. The appellant has not filed the bank statement to press upon the submiss....
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....ut of the amount received from the bank account of Municipal Council, Bhiwani. It is with further submission that Shri Vinod Kumar Goel was in contact of various Municipal Councilors and also of Ran Singh to arrange the firms to transfer the amount from the bank account of Municipal Council. 18. The statement of others was also relevant to show that the purchase of properties was directly and indirectly out of the proceeds of crime. The argument of the appellant was that one property was purchased in the year 2017 after taking loan from DHFL. It was with utilization of loan for construction of the house also. It is true that check-period of crime is of the year 2019 but proceeds of crime got involved indirectly for the property because the appellant failed to disclose the source of repayment of the loan amount. It may be that initially loan was taken from DHFL to purchase the property but was required to be repaid from the known source. Finding its payment out of the proceeds of crime, the plot was provisionally attached. Ld. Counsel for the appellant was invited to disclose the source for repayment of the loan amount by referring the bank account of the appellant's husband, if ....