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2023 (4) TMI 1332 - SC - Money LaunderingSeeking permission to furnish a bank guarantee in lieu of and in replacement of the proposed confiscation - HELD THAT - It is not required to accept any bank guarantee. In the order relied upon by the petitioner passed in the case of Esskay Properties and Investment Private Limited 2022 (9) TMI 1592 - SC ORDER , the offer made by the petitioner therein to furnish a bank guarantee was not accepted, rather, a direction was issued to furnish a fixed deposit receipt of a nationalized bank of the entire amount with a lien in favour of CBI and the enforcement directorate, as a pre-condition for lifting the attachment of the properties. It is directed that in case the petitioner furnishes a fixed deposit receipt of a nationalized bank for a sum of Rs. 1,72,40,951/- with a lien in favour of the CBI and the enforcement directorate within a period of two weeks from today, the attachment of all the properties vide provisional attachment order dated 29.06.2018 by the enforcement directorate shall be lifted. Application disposed off.
Issues Involved:
The main issue in this case is whether the petitioner should be permitted to furnish a bank guarantee in lieu of proposed confiscation of assets. Judgment Summary: Issue 1: Confiscation of Disproportionate Assets The petitioner was convicted for an offence under Section 13(2) read with Section 13(1)(e) of the Prevention of Corruption Act and sentenced to imprisonment and a fine. The Court directed confiscation of disproportionate assets to the extent of Rs. 1,72,40,951/- in favor of the Central Government. Issue 2: Enforcement Directorate Proceedings The Enforcement Directorate registered an ECIR to investigate laundering of proceeds of crime derived from the alleged disproportionate assets. A provisional attachment order was issued for various properties, including those with third-party interests. An appeal against the confirmation of attachment is pending before the PMLA Tribunal. Issue 3: Request for Bank Guarantee The petitioner sought to provide a bank guarantee in place of confiscation. However, the Court declined this request, citing a previous case where a fixed deposit receipt was required instead. The Additional Solicitor General agreed to accept a fixed deposit receipt with a lien in favor of the CBI and Enforcement Directorate. Final Decision: The Court directed the petitioner to furnish a fixed deposit receipt of Rs. 1,72,40,951/- with a lien in favor of the CBI and Enforcement Directorate within two weeks. Upon compliance, the attachment of properties would be lifted, subject to the outcome of the pending proceedings. This arrangement was deemed interim and without prejudice to the parties' contentions, emphasizing that the final proceedings would be decided independently. With these directions, the matter was finally disposed of, and any pending applications were also resolved accordingly.
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