TaxTMI 
TaxTMI 
2024 (6) TMI 1568
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....ed 19.09.2016, and thereby permitting retention/freezing of the properties, including the aforesaid property was allowed. 2. As per the facts of the case, on the basis of a complaint made by the Indian Overseas Bank, CBI, BS & FC, New Delhi had registered an FIR No. RCBD1/2016/E/0007 dated 08.08.2016 under Section 120B r/w 420 of IPC and Section 13(2) r/w 13(1) (d) of PC Act, 1988 against the accused Ashu Mehra, Mr. Nitish Negi, Mr. Gaurav Bhatia (all three Assistant Managers, Indian Overseas Bank, Chandigarh), Dinesh Kumar (Proprietor, M/s. Vision Procon), Mr. Aman Preet Singh Sodhi (Proprietor, M/s. Heights International), M/s. Sai Bhakti Impex Pvt. Ltd., Mr. Gaurav Kirpal, Mr. Aman Kirpal, M/s. Colour Wave (H K) Ltd. Hongkong, Brigadier (Retd.) M.S. Dullat and other unknown public servants & private persons on the following allegations: i) The accused Ashu Mehra had been working as an Assistant Manager, Forex Department, Indian Overseas Bank, Chandigarh Main Branch since 2010 and was also having the authority to make and check all swift messages of the Bank. Besides the accused Ashu Mehra, two more officers, namely, accused Nitish Negi and Gaurav Bhatia have been nam....
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....SD) which was due for payment between 01.07.2016 to 28.01.2017 that further it was alleged that there was no movement of goods & services or underlying commercial transactions behind these fraudulent transfers of funds. vii) On the basis of the fraudulent LOUs issued by Sh. Ashu Mehra, the foreign banks have credited the accounts of the beneficiary i.e. M/s. Colour Wave (HK) Ltd. The bank had also informed that from their preliminary investigations, it was found that the accused Mr. Amanpreet Singh Sodhi, Proprietor of M/s. Heights International is also Director in M/s. Colour Wave (HK) Ltd., Hong Kong, which is beneficiary for all the buyers credit Further, Mr. Dinesh Kumar, Proprietor of M/s. Vision Procon, had been an authorized signatory for the operations in the account of M/s. Heights International and there are also inter-account transactions between these three entities. Sections 420 & 120B of the Indian Penal Code, 1860 and Section 13(2) r/w 13(1) (d) of the Prevention of Corruption Act, 1988 are the Scheduled Offences (relating to cheating, criminal conspiracy and criminal misconduct/abuse of official position) under Part A, paragraph 1 & 8 respectively to the....
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.... No. 93 of 2017 was allowed vide order dated 12.09.2017. The said order was challenged by Smt. Alka Pahwa mother of Utkarsh Pahwa before this Appellate Tribunal vide Appeal No. 2133 of 2017. In the said appeal in para no. 3.2 at page 570 in Volume III of Part III of appeal paper book Annexure A-4, Alka Pahwa mentioned that the list of properties attached by ED includes a property which had been agreed to be purchased by her from one Mrs. Nirmala Jain, but due to certain personal and family reasons on the part of seller, the sale had not consummated. Smt. Alka Pahwa in the grounds of her appeal in para F) at page 574 of the appeal paper book has reproduced this fact. The said appeal was allowed by this Appellate Tribunal vide order dated 28.03.2019, as said appellant Alka Pahwa has not claimed any right over the said attached property. After the filing of appeal by Alka Pahwa, respondent ED summoned Utkarsh Pahwa (herein appellant) and recorded his statement on 11.07.2018, wherein he stated that he is proprietor in M/s Shine Impex; Director in M/s Clean Trading & Services Pvt Ltd (now renamed as M/s Khullar Hotels Pvt Ltd); director in M/s Spectrum Credit and Investment Pvt Ltd. ....
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....ther the appellants were arrayed as party in the OA No. 93/2017, and therefore, the notice dated 28.07.2020 issued by the respondent on the basis of the impugned order dated 12.09.2017 passed by Ld. Adjudicating Authority is also illegal and ought to be set aside. He submitted that the appellants were neither named in the said FIR registered by CBI, nor in the ECIR registered by the Directorate of Enforcement. He pointed out that in the OA filed against the accused persons named therein, but the appellants were not a party to the said OA. He contended that in the said OA, the entire property being Mustatil No. 53, Kila No. 20 and 21, Revenue Estate, Village Jonapur, Tehsil Mehrauli, New Delhi was wrongly listed as property of Mrs. Alka Pahwa i.e. respondent no.50 in the OA and directions were sought by the respondent ED for freezing the property being Mustatil No. 53, Kila No. 20 and 21, Revenue Estate, Village Jonapur, Tehsil Mehrauli, New Delhi, without verifying the revenue record.He pointed out that Mrs. Alka Pahwa filed her reply before the Ld. Adjudicating Authority, wherein she specifically mentioned that the said property being Mustatil No. 53, Kila No. 20 and 21, Revenue E....
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....Pahwa was allowed by this Hon'ble Appellate Tribunal vide order dated 28.03.2019, thereby setting aside the impugned order dated 12.09.2017 passed by the Ld. Adjudicating Authority qua Mrs. Alka Pahwa. It is stated that this Hon'ble Appellate Tribunal vide the said order acknowledged the fact that property did not belong to Alka Pahwa, as the sale of the property did not take place in favour of Mrs. Alka Pahwa. He pointed out that subsequently, the appellants filed a discharge application being application no. 10/2019 dated 08.05.2019 in Complaint No. 2/2018 in ECIR/06/CHD/2016, before the Ld. Sessions cum Special Judge, PMLA Court, Chandigarh. The said application seeking for discharge was dismissed vide order dated 26.02.2020 passed by the Ld. Sessions-cum-Special Judge, PMLA. Copy of the discharge application no. 10/2019 is annexed as Annexure A-9 and the copy of the order dated 26.02.2020 is annexed as Annexure A-10. Ld. Counsel for appellant pointed out that the primary allegation against the appellants pertains to sum of Rs. 39,50,000/- received by Clean Trading and Services Pvt Ltd, out of which sum of Rs. 23,50,000/- was utilized by the appellant for purchasing the said pro....
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....vt Ltd. generated the said funds from Mr. Gaurav Kripal and were proceeds of crime. Accordingly, he argued that appellants purchased the frozen property from their clean funds. Prayer is accordingly made to allow the present appeal and thereby release their frozen property (As mentioned in para no. 1 above) or alternatively to accept bank guarantee or FDR of Rs. 40 lakhs for releasing the said frozen property, without prejudice to the right of appellants. 4. On the other hand, Ld. Counsel for the respondent ED submitted that in pursuance to conspiracy with the bank officials Ashu Mehra, Mr. Nitish Negi, Mr. Gaurav Bhatia, of Indian Overseas Bank, the accused persons namely- Dinesh Kumar (Proprietor, M/s. Vision Procon), Mr. Aman Preet Singh Sodhi (Proprietor, M/s. Heights International), M/s. Sai Bhakti Impex Pvt. Ltd., Mr. Gaurav Kirpal, Mr. Aman Kirpal, M/s. Colour Wave (H K) Ltd. Hongkong, Brigadier (Retd.) M.S. Dullat and other unknown public servants & private persons committed the fraud to the extent of Rs. 321 crores. CBI conducted investigation and filed charge-sheet against them. Independent investigation was also conducted by respondent ED under Prevention of Money Lau....
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....clearly proceeds of crime and hence question of releasing the same on tendering any bank guarantee does not arise. Prayer is accordingly made to dismiss the present appeal being devoid of any merits. 5. After hearing the rival submissions, we have given our thoughtful consideration to the same. During adjudication proceedings before Adjudicating Authority Mrs. Alka Pahwa filed a reply dated 12.07.2017 (at page 535 to 552) wherein in para no. 12, she stated that-"an agreement was entered in relation to the aforesaid property, where the answering respondent was the buyer and one Mrs. Nirmala Jain as the seller. Due to certain personal and family reasons on the part of the seller, the sale of the aforesaid property did not take place in favour of the answering respondent (Alka Pahwa)". However, she remained silent to the fact that the said property is already purchased by her son Utkarsh Pahwa and his company M/s Spectrum Credit & Investment Pvt Ltd. vide sale deed dated 23.03.2017 for sale consideration of Rs. 25.5 Lakh. This active concealment on the part of Alka Pahwa led to freezing of the said property on the basis of agreement to sell in favour of Alka Pahwa. If this particul....