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TMI Blog2024 (10) TMI 152X X X X Extracts X X X X X X X X Extracts X X X X ..... Vanshika, Adv. For the Respondent : Mr. Arjun Sawhney, Adv. Mr. Rohan Bhambri, Adv. ORDER Dictated by : Rajesh Malhotra Present appeals u/s 26 of the Prevention of Money Laundering Act, 2002, is filed by the appellants against the impugned order dated 12.09.2017 passed by the Adjudicating Authority in Original Application No. 93/2017, whereby it allowed the respondent ED to retain/seize/freeze the documents, digital records, bank accounts etc., seized from the premises of various persons including the present appellant, during the search conducted on 07.04.2017. 2. As per the facts of the case, on the basis of a complaint made by the Indian Overseas Bank, CBI, BS & FC, New Delhi had registered an FIR No. RCBD1/2016/E/0007 dated 08.08.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been alleged by IOB to have caused loss to the bank to the tune of USD 47.86 Million equivalent to approximate Indian Rs. 321 crores (Calculated @ Rs. 67 per USD) as on date. iii) IOB has further informed that accused company M/s. Colour Wave (H K) Ltd., having office address at G/F, CAR, PO, Commercial Building, 18-20, Lyndhurst Terrace Central Hong Kong (Also at 4/E, Flat D-E, Wah Factory Building, 50-60, Wong Chuk Hang Road, Aberdeen) is the beneficiary of all the fraudulent swift messages sent. iv) Further, accused Brigadier (Retd.) M.S. Dullat, is the father in-law of Accused No.1 and is Director in M/s Vyapar Agrotech Ltd. in which the Accused No. 5 Mr. Amanpreet Singh Sodhi is another Director. v) The Indian Overseas Bank (IO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... npreet Singh Sodhi, Proprietor of M/s. Heights International is also Director in M/s. Colour Wave (HK) Ltd., Hong Kong, which is beneficiary for all the buyers credit Further, Mr. Dinesh Kumar, Proprietor of M/s. Vision Procon, had been an authorized signatory for the operations in the account of M/s. Heights International and there are also inter-account transactions between these three entities. Sections 420 & 120B of the Indian Penal Code, 1860 and Section 13(2) r/w 13(1) (d) of the Prevention of Corruption Act, 1988 are the Scheduled Offences (relating to cheating, criminal conspiracy and criminal misconduct/abuse of official position) under Part A, paragraph 1 & 8 respectively to the Schedule to the Prevention of Money Laundering Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ranted to the Indian importers and payments thereof, were made to M/s. Colour Wave (H K) Ltd., Hong Kong, had created a liability of Rs. 321 crores on the Indian Overseas Bank, Branch at Sector 7, Chandigarh. This amount of Rs. 321 crores are still outstanding on IOB. In order to unearth/trace the proceeds of crime under PMLA on 07.04.2017 searches u/s 17 of PMLA were conducted on various places/premises. Thereafter, many bank accounts, lockers and properties were frozen. Thereafter, Original Application being OA No. 93 of 2017 (OA) in ECIR No. CDZO/06/2016 was filed by the respondent under section 17(4) of the PMLA, 2002, in May 2017 seeking for directions to retain certain articles/vehicles/ documents seized and properties & the bank ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndian overseas Bank Tina Yashdeep Mehra 208301000012949 9047.75 + Lien Amount 3,741 7. HDFC Bank Tina Yashdeep Mehra 501000018282269 145762.00 8. Indusland Bank M/s Global Trade Matrix Pvt. Ltd. 200999956788 32476.88 9. Central Bank of India M/s Global Trade Matrix Pvt. Ltd. 3466901130 0.00 10. Indian overseas Bank Ranjit Kaur Dullat & Tina Yashdeep Mehra 208301000000709 242.39 11. HDFC Bank Mrs. Ranjit Gaur 50100043909370 3997.00 Furthermore, during the search proceedings at the residential premises of Brigadier (Retd.) M.S. Dullat, House No. 1563, Sector 34D, Chandigarh, the following items were recovered and seized as under: i. Passbook of the Bank Account No. 65003006165 maintained at State Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of undertaking to the foreign banks for the Buyers Credit extended by them. The present appellants along with others issued 24 Line of Credit (LOC) fraudulently through SWIFT messages to provide buyers credit facility which was to supposed to export goods but the same was granted to the aforesaid company through fraud. But as per the bank, there was no movement of goods & services or underlying commercial transaction between these fund transfers. The amount due on account of Buyers Credit was not paid to the bank before the due date resulting in liability of 321 crores. This was done in collusion with the accused companies and their directors/proprietors and have caused loss to the bank to the tune of USD 47.86 million equivalent to appro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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