2025 (2) TMI 1776

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....ring search conducted on 15.06.2016 was allowed to be retained till conclusion of investigation. The details of said seized material is as under: Place of Search Articles/Documents Mrs. C.L. Poddar 13, Sunder Nagar, New Delhi- 110003 1. One CPU; Model & Make: HP Compaq S/N: INA94303GX 2. One portable HDD Model & Make: WD S/N: WXL1E92JMUP9 3. One portable HDD Model &Make: Toshiba S/N: 80BADOCLB1J6 Capacity: 500GB 4. One portable HDD Model &Make: WD Elements S/N: WX51EC46244U 5. One portable HDD Model & Make: Seagate S/N: 2GE6FGKZ Capacity: 250 GB 6. One portable HDD Model &Make: Transcend S/N: B109880773 Capacity: 1 TB 7. One portable HDD Model & Make: Seagate S/N: NA78TC9B 2. As per the facts of the cases, M....

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....er, the Indian company sold M/s IDS Tunisia to M/s Euromed owned by Mr. Haschke and Mr. Gerosa after a few months of its Incorporation. Another firm, namely M/s Aeromatrix was also incorporated with registered office at Delhi and the business of IDS Infotech, India was transferred to M/s Aeromatrix through a Business Transfer Agreement (BTA). M/s IDS, Tunisia raised bills amounting to Euro 24.37 million on M/s Agusta Westland. However, the money transferred to M/s IDS Infotech, India and M/s Aeromatrix was 1.88 million and 3.8 million Euros respectively, for the same work for which IDS Tunisia got Euro 24.37 million. M/s IDS, Tunisia inflated the invoice value by resorting to charging higher rates and showing extra man hours to M/s....

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....: Correspondence has been recovered from the laptop of one of the employees of Gautam Khaitan that Sh. Sushen Gupta is the effective controller of M/s Interdev Pvt Ltd., Singapore. He is giving instructions on email regarding transfer of funds from M/s IDS, India to M/s Interdev Pvt Ltd., Singapore. During investigation, Invoices of M/s Interstellar Technologies Ltd, Mauritius raised upon M/s Interdev Pvt Ltd., Singapore have also been recovered. It is believed that Sh. Sushen Gupta, may be instrumental in laundering the proceeds of crime by routing it through M/s Interstellar Technologies Ltd, Mauritius in collusion with Mr. Gautam Khaitan and Mr. Rajiv Saxena. Role of Mrs. C L Poddar (herein appellant): She is the shareholder in M/s Am....

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....ees of Gautam Khaitan that M/s Matrix Holdings Ltd, UAE has applied for FIB application for investment in April 2010 in M/s DM Power Pvt. Ltd. owned by Mr. Sushen Gupta. M/s Matrix Holdings Ltd, UAE is owned by Sh. Rajiv Saxena. Examination of books of accounts of M/s DM Power Pvt. Ltd. accessed from RoC shows that share application money of Rs. 22.5 crores has been received as on 31 March, 2010. It is believed that this may be an attempt to launder proceeds of crime as he is the beneficial owner of M/s Interstellar Technologies Ltd. On the basis of above facts ED believed that five persons may be in possession of records money laundering and certain documents including proceeds of crime relating to money laundering which may be required....

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....ion is still pending in the present and many Letter of Rogataries are pending in different countries and supplementary prosecution complaint will be filed against the present appellant & others after conclusion of further investigation. 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 of the same. The Ld. Counsel for the Respondent ED failed to point out any incriminating material contained in the seized documents/digital record, in pursuance to the search conducted on 15.06.2016. Even otherwise, the appellant is neither accused in CBI case, nor he is facing any trial in the prosecution complaint filed by ED. The Ld. Cou....

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....t court of criminal jurisdiction outside India, as the case may be; and (b) become final after an order of confiscation is passed under sub-section (5) or sub-section (7) of section 8 or section 58B or sub- section (2A) of section 60 by the Special Court. No time limit was specified for conclusion of investigation before the amendment w.e.f. 01.06.2018, even then the investigation cannot be kept pending for an indefinite period on the pretext that reply to letter rogatories are still pending from the foreign countries, seeing the fact that the said seized material is lying with ED since last more than eight & half years from the date of seizure. 6. In sequel to our observations in the preceding para, the present appeal is hereby dispo....