TaxTMI 
TaxTMI 
2026 (4) TMI 527
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...., Smt. Molly Thomas and related others were given for commission of offence under Sections 406,420 and 506 IPC, 1860 and for the offences under Telangana Deposits of Financial Establishments Act, 1999 and under Money Circulation Schemes (Banning) Act, 1978 and Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999. Multiple FIRs were registered with various police stations thereupon across the country by the aggrieved investors. 3. During the course of investigation, main accused Smt. Nowhera Shaik, Biju Thomas and Smt. Molly Thomas were arrested. Charge sheet thereupon was filed for commission of the offence of cheating where accused collected Rs. 5600 Crores as unauthorized deposits from around 1,72,000 investors across the country and abroad. The investors were given false promise of paying high rate of returns i.e. 3% per month (36% to 40% per year). 250 bank accounts were opened in various banks across the country and abroad. However, so far as the appellants are concerned, they were not named in the FIR but said to be recipient of the proceeds of crime and, therefore, their movable properties have been attached. 4. The learned counsel for the appe....
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....ment to Sell being a Suit of the year 2015 instituted on 08.12.2015 against M/s Bayer Bio Science Pvt. Ltd. The plaintiff sought a declaration of ownership over the entire land parcel purchased by the appellants from M/s Bayer Bio Science Pvt. Ltd. In any case, the appellants received only Rs. 17 Crores out of Rs. 41.05 Crores and remaining Rs. 24.05 Crores was kept in an escrow account. 8. M/s SA Builders and Developer formed a layout plan of the land and sold 7 acres and 24 guntas to accused M/s Heera Group of Companies for a consideration of Rs. 148 Crores. The sale of land to M/s Heera Group of Companies was obviously subsequent to the transaction entered by the appellants with M/s SA Builders and otherwise they had no knowledge about the sale of land by M/s SA Builders to M/s Heera Group of Companies. The payment of consideration was made to M/s SA Builders by M/s Heera Group of Companies out of the proceeds of crime and in turn is said to have been passed on the appellant company by M/s SA Builders. Since the respondents were to attach the property for the value equivalent to Rs. 41.05 Crores, the appellants made a deposit of the said amount with a lien of ED. The responde....
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....ing amount towards the proceeds of crime is Rs. 3264,88,44,813/-. Out of the said amount Rs. 148 Crores was transferred to M/s SA Builder and Developer which in turn transferred Rs. 135.20 Crores to M/s Neelanchal Technocrats Pvt. Ltd. and related companies controlled by appellant Bijay Kumar Agarwal and remaining amount of Rs. 12.8 Crores was kept with the company. The appellant Bijay Kumar Agarwal and his company M/s Neelanchal Technocrats Pvt. Ltd has received proceeds of crime to the extent of Rs. 135.20 Crores. However, it sold the land for a consideration of Rs. 94.15 Crores to M/s SA Builder and Developer and kept remaining direct proceeds of crime of Rs. 41.05 Crores. 10. The learned counsel for the respondents categorically stated that the appellants are recipient of the direct proceeds and, therefore, finding proceeds of crime in the hands of the appellants, Provisional Attachment Order was caused. The counsel for the respondents, however, fairly admitted that the appellants had rightly participated in auction for purchase of the land admeasuring 25 acres and 5 guntas for a sum of Rs. 139 Crores. The transaction aforesaid has not been disputed by the ED, rather the app....
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....nd physical possession of the land was handed over to the SA Builders. The purchase of the land by M/s SA Builders has not been disputed by the respondents in their written arguments and otherwise if the appellants received the sale consideration, it cannot be said to be proceeds of crime in view of the admitted genuine transaction between the two parties. 14. The dispute remained for 2 acres and 39.22 guntas of land sold by the appellants to M/s SA Builders for a consideration of Rs. 41.05 Crores. A sale deed could not be registered due to pending civil suit though the possession of land was given to M/s SA Builders who said to have received an amount of Rs. 148 Crores from the accused company M/s Heera Group of Ms. Nowhera Shaik out of which the consideration was passed on to the appellant company. The fact, however, remains that an Agreement to Sell was executed on 27.02.2018 for the sale of 2 acres and 39.22 guntas of land and even possession of the property was given to M/s SA Builders. The registered sale deed could not be caused due to the civil litigation pending in the court. Thus, the respondents could have attached 2 acres and 39.22 guntas of land to avoid any controv....