AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2026 (4) TMI 1005
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....ble properties comprising of land building in State Bank Colony, Salem of market value Rs. 2 crore and land and building in Meyanur Village, Salem of market value of Rs 1 crore were provisionally attached vide Provisional Attachment Order (PAO) No. 12/2014 dated 18.04.2014. The PAO was confirmed vide the Impugned Order. 2. Ld. Counsel for the Appellant stated that the second property in Meyanur Village was mortgaged to the Appellant as security for loan of Rs. 67,00,000/- plus interest. He stated that the balance amount of the total purchase value of Rs. 89.90 Lakhs was funded by Dr. V.M. Ganesan against whom FIRs were registered for indulging in the offence of transplantation of kidney resorting to illegal means by forging the identity ....
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....ded 82 Kidney Transplantation Proposals between January, 2010 and June 2013 as recommended by Dr. V.M. Ganesan out of which during the said period, 81 Kidney Transplantation Surgeries were performed. Thus, Dr. Ganesan did his first transplantation in February, 2010 which was much before the impugned properties were acquired by him. Ld. Counsel for the Appellant contended that Dr. V.M. Ganesan attempted to camouflage the purchase cost of properties. For loan from the Appellant, re-payments of Rs. 6,59,637/- Rs. 6,47,996/- and Rs. 6,34,998/- were paid towards the loan for the years 2011-2012, 2012-2013, and 2013-2014 respectively. These repayments can only be construed as Proceeds of Crime (POC) in as much as the same having been sourced thro....
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....al surgeries was Rs. 1 Lakh. Thus, in my view minimum proceeds of crime cannot be less than Rs. 81 Lakhs, but more than that. The property sold to appellant G. Thirumal at throwaway price of Rs. 67.5 Lakh creates suspicion, in view of the investigation conducted by ED, as mentioned in Para No. 10 & 11 of the impugned order, reproduced in the contention of Respondent ED in the preceding para. The property at Sr. No. 2 was stated to be purchased for 89.9 Lakhs, out of which some loan amount is still outstanding. The EMI for repaying loan is also from the proceeds of crime. The concerned bank/financial institution will be entitled to recover all the outstanding loan liability against said property in case of conviction and auction of the prope....
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....gh Court in the matter of Deputy Director, Directorate of Enforcement of Delhi Vs. 1. Axis Bank and Others (Crl. A. No. 143 of 2018 and Crl. M.A. No. 2262 of 2018) 2. State Bank of India and Others (Crl. A. No. 210 of 2018 and Crl. M.A. No. 3233 of 2018) 3. IDBI Bank Ltd. (Crl A. No. 623 of 2018 and Crl. M.A. Nos. 10886, 10887 and 48245 of 2018) [2019 SCC OnLine Del 7854] certain observations have been made in Conclusion Paragraph 171 of the Judgment of which the following sub-paragraphs, which are relevant to the issue at hand, are being reproduced: "(vi) The objective of the PMLA being distinct from the purpose of the RDBA, SARFAESI Act and Insolvency Code, the latter three legislations do not prevail over the former. (v....
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....e third party will not be subjected to confiscation so long as the charge or encumbrance of such third party subsists, the attachment under the PMLA being valid or operative subject to satisfaction of the charge or encumbrance of such third party and restricted to such part of the value of the property as is in excess of the claim of the said third party. (xv) If the bona fide third party claimant (as aforesaid) is a "secured creditor", pursuing enforcement of "security interest" in the property (secured asset) sought to be attached, it being an alternative attachable property (or deemed tainted property), it having acquired such interest from person(s) accused of (or charged with) the offence of money-laundering (or his abettor), ....