9911796707
TMI Blog2024 (10) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 appellants, during the search conducted on 07.04.2017. 2.In the appeal at serial no. 1, Ld. Counsel for appellant stressed for release of bank accounts of appellant M/s G B Creative Line, Proprietor Bhawana Kirpal, detailed as under: i. Indian Overseas Bank, Sector 7, Chandigarh having Account No. 28402000012338 stated to be a CC Account having CC limit of 225.00 lakhs. The above credit limit was collaterally secured by the following securities: Sr. No. Nature of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l & Gaurav Kirpal 28401000026338 2246.38+Lien Amount 405.00 2. IndusInd Bank Bhavana Kirpal & Gaurav Kirpal 100042214415 0.00 3. IndusInd Bank Bhavana Kirpal & Gaurav Kirpal 100042243231 0.00 I. One Scorpio vehicle bearing Registration No. CH03V0010 in the name of Ms. Bhawna Kirpal w/o Mr. Gaurav Kirpal along with RC & Insurance purchased in the year 2005. ii. The appellant has one locker in Indian Overseas Bank Locker No. 118, SCO 26, Sector 7C, Chandigarh vide which different gold ornaments having value of Rs. 13,83,254/- as per Valuation Report dated 21.04.2017 and the same were seized as per Seizure Memo dated 21.04.2017. iii. Second locker is in the name of the appellant's mother-in-law of the appellant at Locker No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent ED submitted that certain bank accounts were identified belonging to the accused and their associate companies because of information and because of searches conducted by the respondent ED. The bank officials of Indian Overseas Bank main branch Chandigarh fraudulently intercepted messages and issued letter of conformity/letter of undertaking to the foreign banks for the Buyers Credit (BC) extended by them. 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 approximately Indian Rs. 321 crores. In view of the above, various documents, properties, bank account, cash and lockers including foreign currency etc. were seize ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Ld. Counsel for the appellants and hence, the present appeals are liable to be dismissed being devoid of any merits. However, seeing the fact that prosecution complaint is already filed, the present appellants are entitled to the copies of all relied upon documents/seized material and have right to apply for release of all un-relied documents (if any), if the same are not required for any further investigation. 5.In sequel to our observation in the preceding para, the present appeals are hereby dismissed. Pending applications, if any, stands disposed of accordingly. It is made clear that nothing expressed herein will affect the merits of prosecution case under Prevention of Money Laundering Act, 2002. Appeals Dismissed. Pronoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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