AI Drafter 
TaxTMI 
TaxTMI 
2025 (2) TMI 1791
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....h PAO No. 03/2015 dated 21.08.2015 was confirmed qua the gold ornaments pledged with the appellant company at Branch Mansarovar, Jaipur, as per following details: S. No. Date Name of Entities Loan Amount (Rs.) Qty of Gold pledged (gms) Remarks 1. 22.12.2011 Smt. Sandhya Sharma 34,47,600 1894.400 Director & Auth. Signatory of M/s Oro Trade Network (India) Ltd. Jaipur 2. 22.12.2011 Smt. Manju Sharma 43,99,700 2523.100 Wife of Shri Mahendra Kumar Sharma (Director) and sister of Sh. Satyendra @ Rahul Sharma (Chairman) 3. 25.12.2011 Shri Shyam Sunder Sharma 13,46,000 692.000 Father of Sh. Satyendra @ Rahul Sharma (Chairman) and Smt. Sandhya Sharma (Director) 4. 22.12.2....
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....said company had received total amount of Rs. 44,82,15,062/- during that period from the investors. On the basis of police investigation, ED recorded ECIR No. JPZO/3/2013 on 22.03.2013 and initiated investigation for the offence of money laundering. During investigation by ED, it is revealed that on the basis of the board resolution passed by the company (copies provided by the banks) into the account of the company were opened. It is revealed that Shri Satyendra Sharma and Smt. Sandhya Sharma were authorized to operate the bank accounts of the company. M/s Oro and other associated by their action diverted the funds and have laundered the substantial amount invested by investors. The funds so siphoned of have been parked in movable and i....
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....in her bank account no. 202880010385 held in Allahabad Bank, but this fact was denied by Manju Sharma. From the said account Manju Sharma transferred Rs. 7 lakh to Shri Shyam Sunder Sharma vide cheque no. 169639 dated 26.06.2009. Ms. Lovlina Sharma is daughter of Smt. Sandhya Sharma and is the daughter of Shyam Sunder Sharma. She received sum of Rs. 17,83,175/- in her SBI Account No. 30777442919 on 30.05.2009 from the aforesaid account of M/s Oro. Shri Satyendra Sharma absconded from the police custody and was arrested on 12.05.2015 by U.P. Police from Hathras. But he again absconded from police custody in Ahmedabad, Gujrat, on 19.05.2015 and was again re-arrested in Gujrat on 18.08.2015. Maya Devi denied that she was Director in t....
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....uire about the source of gold from the concerned persons before sanctioning and releasing the gold loan. Even otherwise, the appellant company never suspected that the said gold loan was obtained by them on the basis of jewellery purchased from the alleged POC. He further pointed out that Provisional Attachment Order was passed on 21.08.2015, but no notice was received from any person to restrain from sanctioning and releasing the loan prior to the said transactions. He contended that appellant company is a bonafide pledgee of jewellery against the gold loan and being secured creditor and in absence of conspiracy on their part, the appellant company has first charge over the pledged jewellery to realize their dues. He further argued that th....
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....f the gold jewellery to verify the ownership before sanctioning the loan and this points towards the direction that there is intentional negligence on their part for the reasons best known to them. Prayer is accordingly made to dismiss the present appeal being devoid of any merits. 5. After hearing the rival submissions, I have given my thoughtful consideration to the same. I am not convinced with the submission made by the Ld. Counsel for the appellant as mentioned in para no. 3 above and I am fully convinced with the objections raised by the Ld. Counsel for the respondent ED as mentioned in para no. 4 above especially the fact that huge quantity of jewellery was pledged without asking the cash memos/purchase receipts. Even otherwise, w....