TaxTMI 
TaxTMI 
2026 (3) TMI 31
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....e FIR No.11/2019 was registered by CBI, Bengaluru for the offence under Section 120-B read with Sections 420, 467, 468, 471 IPC, 1860 and under Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988 against M/s Surana Industries Ltd. and 8 others. The FIR was registered based on a written complaint by the General Manager of IDBI Bank on behalf of 12 other consortium lenders for misappropriation and criminal breach of trust by the accused, manipulation of books of accounts through fictitious accounts and conversion of property during the period of 2009-16. 3. Another FIR was registered on 08.09.2020 by CBI, Bengaluru for similar offences on a complaint filed by the General Manager, IDBI Bank of a different branch against M/s Surana Power Ltd. and 5 others. The third FIR was again registered by IDBI Bank and 9 other joint lenders with the same allegation. It was against M/s Surana Corporation Ltd. and 9 others though the last FIR was on a complaint by SBI, Chennai on behalf of SBI and 5 other consortium banks for the commission of offence of the nature which was indicated in the earlier two FIRs. 4. The allegation against the appellants is not only for misap....
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.... case and on the aforesaid ground itself, the impugned order deserves to be set aside. 7. The learned counsel for the appellants further submitted that the allegation for receipt of the proceeds of crime by the appellants through four shell companies is erroneous on the face of record. The appellant companies had taken loan from the alleged shell companies between the years 2016-17, to involve itself to participate in the auction of the Wind Mills and purchase other Wind Mills by them. A sum of Rs. 50 Crores was obtained from the alleged shell companies and it was the source to purchase 67 Wind Mills out of which 60 Wind Mills was out of auction and 7 were purchased from private persons. The appellants disclosed the source, which was not involving proceeds of crime, yet the properties of the appellants have been provisionally attached by the respondents. It is more so when the loan amount was repaid by the appellants to the alleged shell companies on or before July, 2019. Thus, it is not that the proceeds of crime were parked with the appellant companies and utilized for the purchase of Wind Mills; rather, the amount of loan was repaid to the companies having business but wrongl....
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....y contested the appeals on all the issues raised by the appellants. The elaborate argument was made and would be referred while recording the finding on each issue raised by the appellants. It is to avoid repetition of facts and for the sake of brevity. Finding of the Tribunal: 12. We have considered the rival submission of the counsel for the parties and scanned the matter carefully. 13. The main allegation in the FIR is against M/s Surana Industries Ltd. for a predicate offence under IPC and Prevention of Corruption Act for which 3 FIRs were registered with different police stations at Bengaluru. 2 FIRs were registered at the instance of IDBI Bank and one at the instance of SBI. It is referring to the commission of crime involving a consortium of banks. 14. The learned counsel for the appellants submitted that the FIR registered against Shri Dinesh Chand Surana has been quashed by the Karnataka High Court in Cr. Petition No.4029/2024 and 3920/2024 vide its order dated 16.07.2024. The counsel for the respondents contested the issue by making submission that the High Court quashed the FIR holding that the offences were alleged to have been committed within the State of ....
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....dustries Ltd., apart from M/s Surana Powers Ltd. is to make a plan to defraud the banks by obtaining the loan. It is not only by manipulation of the documents but had remained main architect of the entire plan to defraud consortium of banks for obtaining the loan amount. It was by creating web of dummy companies which was brain child of the accused. The accused diverted funds to acquire assets abroad in the name of M/s Surana Mines and Minerals and also diverted the funds to Royal Ventures Pvt. Ltd. and many other companies which include M/s Bell Tower Enterprises so that it may take part in the auction of the Wind Mills of M/s Surana Corporation Ltd. and M/s Surana Green Energy Ltd. for its purchase. It was to be auctioned by the bank on account of default in repayment of the loan amount by the two companies named above. The amount was routed through dummy companies for the purchase of 67 Wind Mills belonging to M/s Surana Corporation Ltd. and M/s Surana Green Energy Ltd. Shri Vijay Raj Surana was the Managing Director of M/s Surana Corporation Ltd. and was aware of dummy companies operated by Shri Dinesh Chand Surana. These companies were said to be paper companies involving in t....
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....h was onwards transmitted to M/s Bell Tower Enterprises Ltd. for purchase of Wind Millls of M/s Surana Industries Ltd. and involving it for purchase of properties using the proceeds of crime. The immovable properties in all was involving Rs. 1,13,32,41,420/-. 19. It was also found that appellant P. Anand, partner of M/s Bell Tower Enterprises LLP holding 67 Wind Mills was also the Director of various companies under the control of Shri Dinesh Chand Surana, such as M/s Sayso Exim Pvt. Ltd., M/s Tribhovan Enterprises Pvt. Ltd., M/s Natural Coal Pvt. Ltd., M/s Vinayaga Infra Ltd., M/s BLS Power Solutions Ltd. and many other companies. The entire group was involved to siphon off the loan amount with diversion of its use for the purpose different than it was taken. It is apart from the fact that the loan amount was not paid to the financial institutions. The statement of Shri P. Anand was recorded. He was not having any acumen or financial capability to run any of the companies having transactions in crores. Shri P. Anand had admitted that he himself was financially dependent on others and had no role to look after the day to day functioning of the company. He was working on the inst....