2024 (1) TMI 1289 - HC - Money Laundering

Seeking release of attached land - also seeking to accept an alternate security which according to the Petitioner is the value of the attachment attributable to the said land - HELD THAT - It is pertinent to mention herein that the land in question has been attached by a Provisional Attachment Order dated 03.12.2022. The Petitioner herein gave a representation on 13.03.2023 offering security in the nature of a Fixed Deposit - Today it is stated by the learned Counsel for the Respondent that he has instructions to state that the Enforcement Directorate is prepared to accept fixed deposit for the equivalent value of attachment of Rs. 91, 40, 104/ in the name of the Director of Enforcement. The Writ Petition is disposed of.

Summary

Issues Involved:
The Petitioner seeks a direction to release land under provisional attachment and provide alternate security.

Summary:

Issue 1: Release of Attached Land

The Petitioner approached the Delhi High Court seeking a direction for the release of 12.475 acres of land in Village Sohna, District Gurgaon, Haryana, which was under provisional attachment. The Petitioner offered an alternate security in the form of a Fixed Deposit equivalent to the value of the attachment, amounting to Rs. 91,40,104. The Enforcement Directorate agreed to accept the Fixed Deposit in the name of the Director of Enforcement. Consequently, the Writ Petition was disposed of, and pending applications were also resolved. The Petitioner was directed to provide the Fixed Deposit to the Investigating Officer within one week, with the condition that it would be renewed periodically until the end of the trial. Importantly, the Court clarified that no observations were made on the merits of the case.

Keywords: Provisional Attachment Order, Fixed Deposit, Enforcement Directorate, Investigating Officer, Renewed periodically, End of trial.